The European Commission, in collaboration with a 30-country coalition called the European Blockchain Partnership (EBP), plans to launch a pan-European regulatory fund for blockchains by 2022.
Following the September 23 update of the Commission’s digital innovation and Blockchain Group’s official website, the European Commission will work with EBP to implement security measures to test blockchain and digital asset use cases in the European Blockchain Services Infrastructure, or EBSI. … EBSI is a joint initiative of the European Commission and EBP that aims to deliver digital public services across borders across the EU using blockchain technology.
In addition to EBSI, the protection mechanism will also test applications such as data portability, smart contracts and digital identity in sectors such as healthcare, environment, mobility and energy.
The team for digital innovation and blockchain also mentioned that the committee focuses on developing a regulatory framework that supports digitization of assets through coding as well as smart contracts.
This came just a week after reports of the EU’s plans to create a regulatory framework by 2024 to accelerate the adoption of blockchain and digital assets in the financial sector.
Cointelegraph also announced in March that the French market regulator Autorité des Marchés Financiers – or AMF – is considering creating an EU regulatory sandbox to study the impact of security tokens.