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Fintech Market Overview

This article does not constitute legal advice.

Banking in Spain

Demo

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

Payment services in Spain

Fintech in Spain

Fintech in other countries

Let's introduce you

Spanish Fintech Lawyers

Denis Polyakov

Denis Polyakov

Comprehensive legal services for businesses on corporate, tax law, cryptocurrency legislation, investment activities

Kristina Berkes

Kristina Berkes

Participation as a lawyer at investment venture funds, leading venture M&A deals in IT, supporting iGaming and business assets

Viacheslav Losev

Viacheslav Losev

Legal support for FinTech and Blockchain projects

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