SPAIN WILL LAUNCH IN 2020 A SANDBOX FOR TESTING NATIONAL AND INTERNATIONAL NEW FINTECH PROJECTS

The news was announced in a press conference by the Spanish Minister of Economics Affairs and Digital Transformation, after the session of the Council of Ministers where the sandbox Act proposal was approved.
 
The sandbox will be coordinated by the Spanish General Secretary for Treasure and International Financing. The supervisory roles will be assigned to the Bank of Spain, the National Commission for Securities Market (CNMV), and the Spanish Directorate-General for Insurances and Pension Funds, depending on the activity of each new fintech to be supervised.
 
New fintech projects will be tested under supervised conditions and evaluated during a period of five months, where consumers/investors will be protected and regulatory barriers reviewed, partially exempted and eventually removed at the end of the testing period if the new fintech offers a relevant added value and enough security.
 
Since 2018, the sandbox instrument has been promoted and defended by the Spanish Fintech Association which gathers more than 140 Spanish fintech firms. With this sandbox regulation, Spain joins other European countries like the UK, Denmark, the Netherlands or Switzerland that have already in place sandboxes for testing new fintech firms.

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