Bird & Bird and OXYGY announce together with the European Commission and Warren Brandeis the publication of the best practices report 2024 for the European Blockchain Sandbox

International law firm Bird & Bird today announces in cooperation with its consulting arm OXYGY, technical expert Warren Brandeis and the European Commission, the publication of the best practices report 2024 for the first cohort of the European Blockchain Sandbox.

The report includes a summary of the experiences gained and lessons learned in setting up and running the first cohort of regulatory dialogues published earlier this year. It also includes the regulatory best practices as a result of the dialogues with regulators/authorities and the use cases.

You can find the full report and the abstract (in English and French) here.

The dialogues for the first cohort took place from the end of 2023 until May 2024. The lessons learned, best practices and recommendations identified during the dialogues will provide an important resource for the wider DLT and blockchain community.

Whilst there were more than 50 regulators and authorities who contributed to the best practices report and participated as first-movers in the 1^st round of dialogues, five regulators BFDI (Der Bundesbeauftragte für den Datenschutz und die Informationsfreiheit), Banco de España, CNMV (Comisión Nacional del Mercado de Valores), NKOM (Nasjonal kommunikasjonsmyndighet), Banca d'Italia have been awarded the Most Innovative Regulator Award. This is due to their outstanding and innovative contributions during the first cohort of dialogues as determined by a panel of independent academic experts from several European universities.

Further best practices reports for the second and third cohorts will be published following the completion of each of the cohorts, and the most innovative regulator/s of each cohort will be awarded following the cohort dialogues.

For more information on the selected use cases for the second cohort click here.

Background:

The pan-European sandbox is set up and operated by a consortium of legal experts from Bird & Bird and its consulting arm OXYGY. The selection was done by blockchain experts Warren Brandeis and was overseen by a panel of independent academics consisting of Professor Roman Beck (IT-University Copenhagen, Denmark), Professor Soulla Louca (University of Nicosia, Cyprus) and Professor Walter Blocher (University of Kassel, Germany).