\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
Creating a new framework for digital currencies<\/h2>\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":"
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
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![\"EU\u2019s](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/09\/European-Commission.jpg\")
<\/a><\/p>\n