The Government will approve the 'sandbox' in the coming weeks

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The Government will approve the 'sandbox' in the coming weeks



The regulatory bank of financial innovations has been in public consultation since last year


  The Ministry of Economy plans to approve the Council of Ministers "imminently" the bill that creates the regulatory test bank for digital innovations in the financial system, known as 'sandbox'. The director of the Technical Office of the General Secretary of the Treasury and International Financing, Bernardo Hernández San Juan , announced it during the conference organized by the National Commission of Markets and Competition (CNMC) on 'The Fintech phenomenon: opportunities and challenges' .

  Hernández pointed out that "in a few weeks, possibly in February," the draft law, which has been in public consultation since last year, will go to the Council of Ministers for approval, which also intends to act on the principle of proportionality - that the requirements that are applied are proportional to the risks- and avoid barriers. The 'sandbox' will allow to check the impact of new models in a limited environment.

  In Europe there are already five countries with a functioning test bed, a tool that the general director of Financial Stability of the European Commission, Mario Nava , supported, while underlining that there is a need to improve regulatory convergence in the European Union and that the European regulation "will remain neutral" regarding the business model.

For his part, the president of the CNMC, José María Marín Quemada , argued that the fintech phenomenon promotes competition in the financial sector and makes it possible to alleviate market failures that have traditionally been corrected through public intervention. In his opinion, "excessive regulation hinders" so that regulation in the financial sector must be "fair".

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