European Commission plans incorporating blockchain regulatory sandbox till 2022

The European Commission and the 30-country alliance has approved the European Blockchain Partnership (EBP) plans to introduce a pan-European blockchain regulatory sandbox by 2022.

Based on the information from the official webpage for the commission’s Digital Innovation and Blockchain team, the European Commission will cooperate with EBP on the sandbox to test  the sphere of application of blockchain and digital assets in the European Blockchain Services Infrastructure, or EBSI.

The EBSI stands for a common initiative of the European commission and the EBP . The task of  this initiative is to deliver cross-border digital public services across the EU by means of blockchain technology.

Outside of the EBSI, the sandbox would also research the following aspects such as data portability, smart contracts and digital identity in sectors of health, environment, mobility and energy.

The Digital Innovation and Blockchain team also mentioned that the commission has been specifically interested at the developing a regulatory framework that will support the digitization of assets by means of tokenization and smart contracts.

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