How Europe’s blockchain sandbox finds innovation in regulation
The EU regulated blockchain earlier than most major economies. Its sandbox now tests whether dialogue unlocks innovation inside legal fences.
The European Union, often criticized for prioritizing rulemaking over innovation, is pointing to the European Blockchain Sandbox as an example of how regulation can boost innovation.
After three cohorts of confidential dialogues, the initiative has produced a 230-page best practices report and drawn in nearly 125 regulators and authorities.
The European Commission tapped law firm Bird & Bird and its consortium partners to lead the initiative, which matches blockchain use cases with regulators for confidential dialogues aimed at clearing legal challenges.