The European Union's executive arm on Tuesday launched a regulatory sandbox for innovative applications of distributed ledger technologies (DLT) that underline crypto.

The European Commission's blockchain regulatory sandbox aims to "facilitate the cross-border dialogue with and between regulators and supervisors on the one hand, and companies or public authorities on the other hand," an official announcement said.

The initiative is part of a EU funding program to bring businesses, citizens and public administrations to the digital age. The bloc is also exploring how DLT-based solutions could help cut out intermediaries in securities trading, with a pilot due to begin in March.

The DLT sandbox will run until 2026 and will annually support 20 projects involving blockchain applications for public and private sector use "to verify information and make services trustworthy."

The first call for applications is open until April 14, with a panel of independent academic experts selecting projects for the first cohort. The sandbox is open to "companies from all industry sectors" as well as public entities.

(By Sandali Handagama)

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