Blockchain, DLT, and Fintech

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Paper Number

1555

Paper Type

short

Description

Following the 2007-2009 financial crisis, the proliferation of FinTech innovations has posed several challenges for regulators. To overcome the dual challenge of simultaneously tightening control and facilitating a conducive environment for innovations, regulators have recently started a series of regulatory initiatives. Our study focuses on one such initiative in the form of regulatory sandboxes, where we examine how regulatory sandboxes help regulators in regulating FinTech innovations. We collect and analyze archival records of several regulatory sandboxes across the globe based on an integration of the taxonomy building and case study approach. Preliminary findings demonstrate three broad categories of sandboxes–the ones designed as learning devices, the ones designed as controlling devices and the others designed as hybrid devices– serving very distinct objectives. Our study intends to contribute to the emergent literature on regulatory sandboxes, as well as the broader phenomenon of open regulation in general.

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Dec 12th, 12:00 AM

FinTech Regulatory Sandboxes: When Regulation Meets Innovation

Following the 2007-2009 financial crisis, the proliferation of FinTech innovations has posed several challenges for regulators. To overcome the dual challenge of simultaneously tightening control and facilitating a conducive environment for innovations, regulators have recently started a series of regulatory initiatives. Our study focuses on one such initiative in the form of regulatory sandboxes, where we examine how regulatory sandboxes help regulators in regulating FinTech innovations. We collect and analyze archival records of several regulatory sandboxes across the globe based on an integration of the taxonomy building and case study approach. Preliminary findings demonstrate three broad categories of sandboxes–the ones designed as learning devices, the ones designed as controlling devices and the others designed as hybrid devices– serving very distinct objectives. Our study intends to contribute to the emergent literature on regulatory sandboxes, as well as the broader phenomenon of open regulation in general.

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