A few months ago, we told you about the launch of the Spanish Sandbox, a controlled test environment in which to experiment with innovative projects that do not yet have a clear regulatory framework. At the European level there is also something similar, the European Blockchain Regulatory Sandboxlaunched by the European Commission and which they tell us about in w3volution.
The new Sandbox it will be in operation from 2023 to 2026 and will support 20 projects annually; Interested parties can now start submitting their applications.
The ultimate goal of the Sandbox is to facilitate cross-border dialogue between regulators and supervisors on the one hand, and companies or public authorities on the other, and thus make it easier for developers to present their applications or use cases, to receive legal guidance from regulators. In addition, the participants in this project will also have the opportunity to collaborate closely with experts from the EU Digital Finance Platform and the European Commission.
As explained in the announcement of the European Commission, the utility of the chain of blocks goes beyond its participation in the financial industry and in the EC they are convinced that in the future it can play a relevant role in helping public authorities to fight the counterfeiting in supply chains and protect against verifiable credential fraud.
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