You can see the rules and regulations in other jurisdictions.
On 14 November 2020, Law 7/2020 on digital transformation of the financial system became effective. This law sets up and oversees a sandbox which will afford a regulated testing environment for introducing pioneering technology initiatives in the financial services industry. The platform will offer participants a safe environment to trial novel financial services and products, while making sure that the solidity of the financial system is retained and any potential risks are either prevented or suitably minimized.1
Project promoters such as tech companies, financial entities, interest associations and public/private investigation centres shall form a protocol to decide on regulations and requirements for the projects and trials. Sandbox participants will receive proper assurances, including signed approval, protection of their personal information, withdrawal option, promoter accountability and structured secrecy while regulators will have the capacity to terminate testing in cases of improper conduct or disobedience to protocol regulations.1
Additionally, entities that participate in the sandbox may receive regulatory approval more quickly.1
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