The European Commission will team up with the European Blockchain Partnership (EBP) to launch a new regulatory sandbox focused on cryptocurrencies and blockchain by 2022, according to an announcement published today. From a report: The commission is the executive branch of the European Union and the initiative is part of its newly adopted Digital Finance Package that aims to provide greater clarity for cryptocurrency companies. “By making rules safer and more digital friendly for consumers, the Commission aims to boost responsible innovation in the EU’s financial sector, especially for highly innovative digital start-ups, while mitigating any potential risks related to investor protection, money laundering and cyber-crime,” the commission stated. According to the commission, some digital assets already fall under EU legislation, however, these rules “most often predate the emergence of crypto-assets and DLT.” This could result in various roadblocks on the way of innovations and make it difficult to apply existing frameworks to blockchain and cryptocurrencies in the financial sector.
of this story at Slashdot.
Source:: Slashdot