On Monday 14 March, the European Blockchain Observatory announced a tender to contract a consortium with the mission of facilitating and operating a pan-European regulatory sandbox for distributed ledger technologies, or DLT, and blockchain in particular.
An important task for the future consortium will be to provide “comprehensive legal advice” on the functioning of the core services of the European Blockchain Services Infrastructure (EBSI).
The regulatory sandbox is envisioned as a space where regulators, blockchain enterprises and users will interact “in a trusted environment”. In addition to the already existing EBSI projects, it will host a wide range of potential blockchain applications in key industry sectors, with a prerequisite for such projects to complete a proof of concept.
As the release goes, the ultimate goal of the sandbox is “to foster a dialogue between national and EU regulators and legislators with businesses to remove legal uncertainties for use cases based on decentralized solutions”.
Plans to create a regulatory sandbox for blockchain technology were announced in 2020 by the European Commission and the European Blockchain Partnership (EBP).
According to the release, four EBSI-hosted use cases are already in advanced development stage, with three additional use cases recently selected for deployment.
The news comes along with an announcement from the European Blockchain Observatory that is working on a revised version of the report on the latest developments in the EU blockchain ecosystem.