The State of Regulatory Sandboxes in Developing Countries

Wechsler, Michael E.; Perlman, Leon; Gurung, Nora

doi:10.2139/ssrn.3285938

Cited by 17 publications

(15 citation statements)

References 12 publications

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“…• In July 2018, the East African Securities Regulatory Authorities agreed to employ regulatory sandboxes to encourage innovation among capital market practitioners who operate regionally (Wechsler, Perlman and Gurung, 2018).…”

Section: Box 25 Examples Of Regulatory Sandboxes In African Countriesmentioning

confidence: 99%

“…Leaders can support new, innovative approaches to address this problem. As an example, in July 2018, the East African Securities Regulatory Authorities agreed to use regulatory sandboxes to encourage innovation for capital market practitioners who operate regionally (Wechsler, Perlman and Gurung, 2018). At the same time, regulators can play a strong role in establishing full interoperability.…”

Section: Box 73 a Successful Example Of A Technology Hub: Yabacon Valleymentioning

confidence: 99%

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Percentage of the population covered by the 3G and 4G networks in Africa, Asia and Latin America and Caribbean (LAC), 2004-20

2021

Africa’s Development Dynamics 2020

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This fact-filled annual reference book brings readers the latest information on development policies on the African continent and its five regions. It presents a new narrative assessing Africa's economic, social and institutional performance in light of the targets set by the African Union's Agenda 2063. This third edition of Africa's Development Dynamics explores how digital transformation creates quality jobs and contributes to achieving Agenda 2063, thereby making African economies more resilient to the global recession triggered by the COVID-19 pandemic.Africa's Development Dynamics is the product of a collaborative approach. It results from a solid and broad partnership between the African Union's Commission for Economic Affairs and the OECD Development Centre. A team of academic researchers, economists, statisticians, and other experts from Africa and diverse world regions contributed to the 2021 edition of the report.

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Section: Box 25 Examples Of Regulatory Sandboxes In African Countriesmentioning

confidence: 99%

Section: Box 73 a Successful Example Of A Technology Hub: Yabacon Valleymentioning

confidence: 99%

Percentage of the population covered by the 3G and 4G networks in Africa, Asia and Latin America and Caribbean (LAC), 2004-20

2021

Africa’s Development Dynamics 2020

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“…Regulatory sandboxes, for example, are in evidence in Bahrain, Indonesia, Jordan, Kazakhstan, Malaysia, Mauritius, Mozambique, Nigeria, Rwanda, Sierra Leone and Thailand. 20 Some developing countries such as the Philippines have deployed a 'test and learn' model that bears similarities to the sandbox concept. The main differential is that a regulatory sandbox generally is subject to a more formalised process with standard application and assessment criteria.…”

Section: The Origination Of the Regulatory Sandbox Phenomenonmentioning

confidence: 99%

Regulators Nurturing FinTech Innovation: Global Evolution of the Regulatory Sandbox as Opportunity Based Regulation

Ahern

2020

SSRN Journal

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The emergence of the regulatory sandbox as a novel regulatory development in both developed and developing countries responds to the challenges faced by FinTech innovators in navigating an unwieldy regulatory landscape not designed with FinTech in mind. This article characterises the regulatory sandbox as a form of agile, opportunity-based regulation, distinguished by a regulatory approach that is concerned with actively supporting innovators in nurturing cutting-edge innovation with a view to delivering benefits for innovators, consumers, investors, and ultimately the wider economy. Not only is the regulatory sandbox an experimental space for firms testing innovative FinTech products and services, it is also a novel regulatory experiment for regulators, allowing them to actively learn and about new technologies and regulation needs to adapt and respond. In its provision and design, the regulatory sandbox phenomenon performs a crucial positioning function in relation to a given financial system's receptivity to FinTech business. The role of a regulatory sandbox in nurturing and expanding competition suggests a public interest role in the interests of consumer choice, price and efficiency. However, pressure on regulators to produce sandbox successes may influence the exercise of regulatory discretion and produce regulatory distortions.

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“…Historically there was the only area -financial technologies (Bromberg et al, 2017). However, some countries extended the mechanism to digital innovations in general (Wechsler et al, 2018).…”

Section: для цитированияmentioning

confidence: 99%

“Regulatory Sandboxes” in Russia: New Horizons and Challenges

Salikhov

2020

DLJ

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“Regulatory sandboxes” are regarded as a special mechanism for setting up experimental regulation in the area of digital innovation (especially in financial technologies), creating a special regime for a limited number of participants and for a limited time.Russiahas its own method of experimental regulation, which is not typical but may be helpful for other jurisdictions. There are three approaches to legal experiments (including digital innovations) inRussia. The first approach is accepting special regulation on different issues. There are recent examples of special laws (e.g. Federal Law on the experiment with artificial intelligence technologies inMoscow). An alternative to this option is establishing experimental regulation by an act of the Government if legislation does not prohibit it (e.g. labeling with means of identification). The second approach deals only with Fintech innovations and provides a special mechanism to pilot models of innovative financial technologies. The participants of such a “sandbox” may create a close-to-life model in order to estimate the effects and risks. If the model works fine, the regulation may be amended. The third approach works with creating a universal mechanism of real-life experiments in the sphere of digital innovations based on the special Federal Law and the specific decision of the Government of theRussian Federationor the Bank of Russia in the financial sphere. The author compares the three approaches and their implementation within the framework of Russian legislation and practice and concludes that this experience may be used by developing countries with inflexible regulation, in order to facilitate the development of digital innovations.

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The State of Regulatory Sandboxes in Developing Countries

Cited by 17 publications

References 12 publications

Percentage of the population covered by the 3G and 4G networks in Africa, Asia and Latin America and Caribbean (LAC), 2004-20

Percentage of the population covered by the 3G and 4G networks in Africa, Asia and Latin America and Caribbean (LAC), 2004-20

Regulators Nurturing FinTech Innovation: Global Evolution of the Regulatory Sandbox as Opportunity Based Regulation

“Regulatory Sandboxes” in Russia: New Horizons and Challenges

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