Lithuania's Central Bank Unveils Blockchain Startup Sandbox
The central bank of Lithuania has launched a new regulatory "sandbox" for startups working with blockchain.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XVTAT6CB3FC3ZCMT3XRJWU45OU.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
The central bank of Lithuania has launched a new regulatory "sandbox" for startups working with blockchain.
, the "LBChain" initiative will see the Bank of Lithuania set up a dedicated platform around the tech, through which companies can develop services (though these would be subject to some gatekeeping by central bank officials). It's a notable spin on the sandbox model, which sees institutions enabling firms to test financial products in a limited setting and under the auspices of regulators.
Marius Jurgilas, a member of the central bank's board, said in a statement:
Those hoping to join the sandbox soon will have to wait, as the Bank of Lithuania is eyeing a 2019 launch of the platform. Support for it will include funding from the European Union, according to the central bank's statement, though it's unclear how much funding from the economic bloc will go toward funding the blockchain effort.
The move comes months after the Bank of Lithuania positioned its policy on initial coin offerings in October.
"It should be noted that, when deciding on the application and scope of specific legislation of the Republic of Lithuania for specific ICO, the conditions of the relevant ICO should be analysed and assessed," officials stated at the time.
Image via Shutterstock
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.