The EU [European Commission] together with the 30-country alliance called the EBP [European Blockchain Partnership] plans to launch a pan-European blockchain regulatory sandbox by the upcoming year 2022.
According to a recent official update for the commission’s Digital Innovation & Blockchain team on 23rd Sep., the EU will work with EBP on the sandbox to check the use cases of [blockchain] and digital assets within the European Blockchain Services Infrastructure, or EBSI. The EBSI may be a joint initiative of the EU along with the EBP that aims to deliver cross-border digital public services across the EU employing [blockchain] technology.
Outside of the EBSI, the sandbox would also test use cases like data portability, smart contracts & digital identity in sectors along with health, environment, mobility as well as energy.
The Digital Innovation & Blockchain team also revealed that the commission was paying special attention to developing a regulatory structure that will additionally support the digitization of assets via tokenization along with the smart contracts.
This news comes only after a week the reports of the EU’s plans to determine a regulatory structure by the upcoming year within 2024 to market the adoption of blockchain technology as well as the digital assets within the financial sector.