European blockchain sandbox : best practices report : abstract and executive summary; 1st cohort: Part B

Bird & Bird, its consultancy arm OXYGY and other consortium partners have been commissioned by the European Commission to set up and operate the European Blockchain Sandbox, providing a framework for regulators, supervising authorities and blockchain innovators to engage in a cross-border regulatory dialogue, identify obstacles from a legal & regulatory perspective in a safe and confidential environment, and thus increase legal certainty for innovative decentralized technology solutions, including blockchain. The initiative brings together regulators/authorities and innovators across industry sectors, allowing regulators and authorities to enhance their knowledge of cutting edge blockchain technologies and allowing innovators to enhance their understanding of relevant laws and regulations. The initiative annually supports 20 projects and has started in 2023. The sandbox is open to use cases based on any blockchain infrastructure. The dialogues for the 1st cohort took place from the end of 2023 until May 2024 and have resulted in lessons learned, best practices and recommendations which are relevant for the wider community. The results are presented in this best practices report (Best practices report, 1st cohort, Part B). The setting up of the European Blockchain Sandbox, the application & selection process and the matching with relevant regulators and supervising authorities for the first cohort of 20 uses cases is published as Best practices report, 1st cohort, Part A.