Bird & Bird and the European Commission announce the second cohort of the `European Blockchain Sandbox´

Bird & Bird and its consulting division OXYGY have announced, together with the European Commission, that applications are now open for the second cohort of the European Blockchain Sandbox. Applications for the second cohort will remain open until March 25, 2024.

European Blockchain Sandbox

Bird & Bird and OXYGY, together with the European Commission, encourage companies (including start-ups and scale-ups) and public entities from across the EU/EEA with innovative blockchain use cases to participate and be at the forefront of this mutual dialogue and learning experience. In 2023, the first cohort of twenty use cases faced a competitive application process, after which representative use cases from all EU/EEA regions were selected to participate.

The three-year initiative supports 20 projects per year; the first cohort will start in 2023 and is open to use cases across the EU/EEA based on any blockchain infrastructure. Blockchain use cases will be selected based on a number of criteria, including the maturity of their business case, legal and regulatory relevance, and their contribution to broader EU policy priorities. Selected use cases will be contacted by national and EU regulators.

Regulatory issues

Companies (including start-ups and scale-ups) and public entities with a validated proof of concept are invited to participate. Each year, the most innovative regulator participating in the sandbox will receive a prize. In addition to the expert legal and regulatory advice provided by Bird & Bird, blockchain companies participating in the sandbox will have the opportunity to discuss regulatory issues that are relevant to them in a secure and confidential environment with the relevant regulators. Participating regulators and authorities will have the opportunity to enhance their understanding of innovative blockchain solutions, discuss regulatory issues in a cross-border environment with other regulators, and contribute to the development of best practices at the intersection of innovation and regulation.

Marjolein Geus, president of Bird & Bird’s international Tech & Comms group, says: “Blockchain is one of the most topical innovations of recent years and is highly relevant for all industry sectors. It is important for the future development of this innovation to have a dialogue around the challenges and regulatory issues that arise and also to see where the solutions may lie and how regulation can really help these innovations.”