Bank of Russia regulatory sandbox becomes more convenient and user-friendly
The Bank of Russia has optimised its regulatory sandbox. The time for processing applications and piloting projects has been reduced by three times, and the application form has become simpler and user-friendlier.
‘We have analysed the operating experience of the regulatory sandbox and identified processes that need to be restructured to enhance its efficiency. Our goal is to enable financial market participants to implement innovations promptly,’ said Stanislav Korop, Acting Director of the Bank of Russia Financial Technology Department.
The regulatory sandbox was launched in 2018, enabling isolated testing of innovative projects that may require changes in legal regulation. Over the course of its operation, the sandbox has received and processed 86 financial service applications from business representatives.
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