A legislative proposal in Spain is seeking to set up a regulatory sandbox.
This is intended to facilitate the testing of innovative propositions in the market under a controlled environment. The proposal also intends to enable participants who have undergone the sandbox process, to commence the regulated activity through a simplified licensing process, provided certain requirements are met.
The UK already operates a regulatory sandbox. One of its aims is to enhance competition in the interests of consumers and has filled a gap in the market.
It will be interesting to follow the development of these schemes and consider their future potential.
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Currently 27 countries have approved regulatory sandboxes in their legal system. Asia accounts for the lion share’s of this kind of initiative, with 52% of the total. Six European countries already have initiatives of this type, highlighting those in the United Kingdom, Denmark and the Netherlands.
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