Laws and regulations lag technological advancements. That's not new, it's simply impossible to make laws for situations that do not exist yet. But technology is changing our world more rapid than ever. People adapt to new technology faster than ever..
It is time for lawmakers and regulators to shift up a gear and adapt to this "new world" at a faster pace. And so they DO (in the case of blockchain!)
The European Commission took the initiative and created the European Blockchain Regulatory Sandbox, a pan-European framework for regulatory dialogues to increase legal certainty for innovative blockchain technology solutions.
From a long list of strong applications our MultiKnip project has been handpicked by a committee of experts to participate in the dialogues between regulators and innovators for private and public sector use cases. Legal advice and regulatory guidance will be provided in a safe and confidential environment. The dialogues will be held across industry sectors and geographic regions, which will help to identify and communicate best practices in the interest of the wider EU/EEA blockchain community.
We were in contact with our National Bank (DNB) and our Authority for Financial Markets (AFM) from day#1 of our project. One year later we also contacted the German Bundesbank and BaFin just to check if we were operating within all known rules. But now, through the Sandbox we will be talking, listening and exchanging ideas with MANY European Regulators guided by experts in the field!
We are honoured and feel very privileged to participate in this program and look forward to interact with the national regulators (and co-shape) the future of DLT in this way!
More info about the European Blockchain Regulatory Sandbox : here
More info about the other selected projects : here