Regulatory Sandboxes

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 Consultation Published 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’  
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 Live Office of the Attorney General (Arizona State)

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