The Bank of Russia has launched a regulatory «sandbox» for FINTECH projects

The Central Bank of Russia initiated the creation of a regulatory «sandbox» for the development of financial technologies.

«Regulatory platform of the Bank of Russia the Bank of Russia is a mechanism for piloting of new financial services and technologies that require changes in the legal regulation, according to the website of the regulator. – The facility will be carried out modeling of processes of innovative financial services, products and technologies to test hypotheses about the positive effects from their implementation. The results of the piloting of the financial services or technology can be approved with the subsequent formation of the plan for developing the necessary regulatory framework for their implementation or initiative may be considered inappropriate».

The Central Bank also announced the formation of the expert Council of the market participants and the interdepartmental expert Council.

Organisations will have to assess the need for piloting and the impact of the financial services and financial technology market, as well as to prepare proposals on changes in the legal regulation of the Bank of Russia.

«In addition, the interagency Advisory Council will be to prepare conclusions on the results of the piloting and the coordination of projects of plans of measures necessary for the implementation of financial services and technologies», – said the regulator.

According to the authors of the project, to use the services of a regulatory site can any organization that has developed or is planning to use innovative financial services or technology. It is enough to submit an application to the Bank of Russia.

Managing partner at Nektorov, Saveliev & Partners Alexander Nektorov, in General, positively commented on the news of the creation of the Bank of Russia regulatory platform for FINTECH projects, but expressed the opinion that domestic «regulatory sandbox» can only «test», «model» and «testing hypotheses».

«The theme is cool and correct. The only problem is that not everyone engaged in financial business related to cryptocurrency, dare to go to the Bank of Russia. The fact that the overseas regulator has the opportunity to give, for example, «no action letter» that entitles the innovators, telling the regulator about the project, to work for several years without a problem, even in the case of unintentional violations of financial laws. In the current the structure of the Bank of Russia can not legally guarantee such immunity,» he said.

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