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The European Commission has revealed the regulators participating in the second phase of its blockchain sandbox initiative. The European Blockchain Sandbox Initiative (EBSI) announced that 41 authorities and regulators from 22 European Union and European Economic Area countries have joined. Participating countries include France, Spain, Italy, Germany, and more. EBSI was established to support distributed ledger technology (DLT) use cases and facilitate dialogue between blockchain projects, regulators, and authorities to address legal and regulatory challenges. The initiative aims to enhance regulatory clarity for blockchain solutions. Additionally, EBSI will annually back 20 blockchain projects, offering legal advice and regulatory support. Companies selected for the second phase range from real-world asset tokenization to blockchain-based digital passports. Notably, Iota, a crypto ecosystem, was chosen for its identity solution, emphasizing the importance of KYC discussions and privacy in Web3 amidst growing regulatory interest in decentralized finance. Read more AI-generated news on: https://app.chaingpt.org/news