Recently we have observed the emergence of a novel regulatory innovation called a ‘regulatory sandbox,’ designed to incubate innovation in the financial sector in a relaxed, but safeguarded regulatory environment. It also provides a symbiotic environment for innovators to test new technologies and for regulators to understand their implications for the financial sector and consumer protection.
The concept has been embraced by a growing number of developed and developing world regulators. Below represents an ongoing list of where and how these sandboxes are being used in developing countries and around the world.
You can also browse our collection of regulatory sandbox regulations and documents.
| Country | Status | Regulator / Administrator |
| Australia | Live | Australian Securities & Investments Commission (ASIC) |
| Bahrain | Live | Central Bank of Bahrain (CBB) |
| Bermuda | Announced | Bermuda Monetary Authority (BMA) |
| Brunei | Live | Autoriti Monetari Brunei Darussalam (AMDB) |
| Canada | Live | Canadian Securities Administrators (CSA) [See also provincial sandboxes] |
| China | Reported Live | People's Government of Ganzhou City |
| Denmark | Live | Finanstilsynet |
| Fiji | Announced | Reserve Bank of Fiji |
| Hong Kong | Live Live |
Hong Kong Monetary Association (HKMA) Securities & Futures Commission (SFC) |
| India | Report Published | Reserve Bank of India (RBI) |
| Indonesia | Live Live |
Bank Indonesia Otoritas Jasa Keuangan (OJK) |
| Japan | Announced | Financial Services Agency (FSA) |
| Jordan | Live | Central Bank of Jordan (CBJ) |
| Kazakhstan | Live | Astana Financial Services Authority (AFSA) |
| Kenya | Consultation Published | Capital Markets Authority (CMA) |
| Kuwait | Live | Central Bank of Kuwait |
| Korea, South | Pilot Launched Announced |
Financial Services Commission (FSC) Ministry of Trade, Industry and Energy |
| Lithuania | Live | Lietuvos Bankas |
| Malaysia | Live | Financial Technology Enabler Group (FTEG) Bank Negara Malaysia (BNM) |
| Malta | Live | Malta Gaming Authority |
| Mauritius | Live | Board of Investment |
| Mexico | Regulation to Establish | Banco de México |
| Mozambique | Live | Central Bank of Mozambique |
| Netherlands | Live | Dutch Central Bank (DNB) Netherlands Authority for the Financial Markets (the AFM) |
| Nigeria | In Progress | Securities & Exchange Commission (SEC) |
| Norway | Announced | Storting (regulators to be announced) |
| Philippines | Uses ‘test-and-learn’ | |
| Poland | Announced | Financial Supervision Authority (KNF) |
| Russian Federation | Live | Bank of Russia |
| Rwanda | Consultation Published Unofficially live |
Rwanda Utilities Regulatory Authority (RURA) National Bank of Rwanda (BNR) |
| Saudi Arabia | Officially announced | Saudi Arabian Monetary Authority |
| Sierra Leone | Live | Bank of Sierra Leone |
| Singapore | Live | Monetary Authority of Singapore (MAS) |
| South Africa | Being explored | South African Reserve Bank (SARB) |
| Spain | Draft Bill | Spanish Ministry of Economy and Business |
| Sri Lanka | Announced, In Progress | Central Bank of Sri Lanka |
| Sweden | Estabilishing 'Innovation Center' | Finansinspektionen |
| Switzerland | Live | Swiss Financial Market Supervisory Authority (FINMA) |
| Taiwan | Live | National Small and Medium Enterprise Association of the Republic of China |
| Tanzania | Agreement to Implement | Capital Markets and Securities Authority |
| Thailand | Live Live Live |
Bank of Thailand Securities & Exchange Commission Office of Insurance Commission |
| Uganda | Agreement to Implement | Capital Markets Authority |
| UAE | Live Live |
Abu Dhabi Global Market (ADGM) Dubai Financial Services Authority (DFSA) |
| UK | Live | Financial Conduct Authority (FCA) |
| US (AZ) | Live | Office of the Attorney General (Arizona State) |
| US (WY) | Proposed Bill | Joint Minerals, Business & Economic Development Interim Committee |