{"id":274201,"date":"2020-09-25T12:02:11","date_gmt":"2020-09-25T16:02:11","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=274201"},"modified":"2020-09-25T12:02:11","modified_gmt":"2020-09-25T16:02:11","slug":"eus-blockchain-regulatory-sandbox-to-launch-by-2022","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/eus-blockchain-regulatory-sandbox-to-launch-by-2022","title":{"rendered":"EU\u2019s Blockchain Regulatory Sandbox to Launch By 2022"},"content":{"rendered":"
The European Commission wants the EU to become a \u201cglobal standard-setter\u201d in the blockchain. This goal is leading it to adopt a new Digital Financial Package and launch a blockchain regulatory sandbox by 2022.<\/p>\n
The European Commission is working with the European Blockchain Partnership (EBP) to introduce a new regulatory sandbox for blockchain and cryptocurrency<\/a>. According to a new announcement released today, the sandbox is expected to launch by 2022. The initiative is a part of the European Commission\u2019s Digital Finance Package which focuses on bringing regulatory clarity for crypto firms.<\/p>\n <\/a><\/p>\n The commission states,<\/p>\n \u201cBy making rules safer and more digital-friendly for consumers, the Commission aims to boost responsible innovation in the EU’s financial sector, especially for highly innovative digital start-ups, while mitigating any potential risks related to investor protection, money laundering, and cyber-crime.\u201d<\/p><\/blockquote>\n The Commission suggests that the EU legislation already covers some digital assets. However, these rules were created before crypto-assets and digital ledger technologies emerged. Such legislation created roadblocks for innovations. It also becomes difficult to use existing frameworks of the finance sector to the blockchain and crypto industry.<\/p>\n The regulatory sandbox will provide a hassle-free solution to testing innovative blockchain-based ideas without coming into direct opposition with the authorities. The initiative will include a pan-European blockchain sandbox that protects innovation from hurdles and gives tech experts, firms and regulators a chance to work together.<\/p>\n The commission noted that the pilot project will provide a controlled environment with temporary exemptions from regulatory rules. It will help regulators gain experience on the DLT use in existing market infrastructures. The project will focus on smart contracts, business-to-business data spaces, and data portability. Other focus areas include energy, environment, mobility, and digital identity.<\/p>\n The European Commission has been holding consultations in the blockchain and digital asset space since last year and plans to introduce comprehensive regulation for cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"Creating a new framework for digital currencies<\/h2>\n