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Fintech Market Overview

This article does not constitute legal advice.

Banking in Spain

Fintech Software

On 14 November 2020, Law 7/2020 on digital transformation of the financial system entered into force. This establishes and governs the sandbox that will offer a controlled testing environment to allow for the implementation of innovative technology projects in the financial services sector. The environment will be safe for participants to test new financial products and services, while ensuring that the stability of the financial system is maintained and potential risks are eliminated or adequately mitigated.1

Project promoters (for instance, tech companies, financial entities, associations representing interests, or public and private centres of investigation) and regulators will enter into a protocol to establish the rules and conditions to which the projects and testing will be subject. Guarantees and protections will be afforded to sandbox participants, including informed written consent, personal data protection, rights of withdrawal, promoter liability, guarantees covering promoter liability, confidentiality and, for the regulators, the option to end testing in cases of bad practice or failure to comply with the protocol rules.1

Also, entities that participate in the sandbox may have expedited access to regulatory authorisation.1

Payment services in Spain

Fintech in Spain

Fintech in other countries

Let's introduce you

Spanish Fintech Lawyers

Viacheslav Losev

Viacheslav Losev

Legal support for FinTech and Blockchain projects

Languages: RU EN

Silvia Calls

Silvia Calls

We work for international SMEs, startups and Telco's

Languages: EN ES

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/spain
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