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New Opportunities for Development of the Fintech Sector through the Sandbox Regulatory Regime
Summary:
The changes that are becoming more and more rapid and irreversible in the financial world inevitably lead to the need to introduce tools for their monitoring and regulation. This need for legislation requires the emergence of new technologies, including and the new sandbox-type control modes. The RegTech Sandbox itself is one of the sophisticated RegTech regulatory technology tools. The Sandbox is a "safe place" where businesses can test their innovative products and services, business models and delivery mechanisms so that consumers are protected. New financial products and technologies can be checked to see if they meet certain rules, regulatory and safety requirements. The most significant contribution from the use of sandbox is the help they provide to new companies to orient themselves in compliance with the complex legal and regulatory norms governing the financial industry.
