What is a regulatory sandbox?
The regulatory sandbox is a controlled environment where supervised entities and FinTech operators will be able to test, for a limited period of time, technologically innovative products and services in the banking, financial and insurance sectors. The tests will take place in close liaison with the supervisory authorities and can eventually benefit from a simplified transitional regime.
In Italy, Decree 100/2021 issued by the Ministry of Economy and Finance, implementing the delegated act envisaged under Decree Law 34/2019 ('Growth Decree'), sets out the 'FinTech Committee rules and experimentation', i.e. the regulatory sandbox of FinTech activities at the supervisory authorities.
Objectives
Through the sandbox, the supervisory authorities aim to support the growth and development of the Italian FinTech market, thanks to the introduction of innovative models in the banking, financial and insurance sectors, while guaranteeing adequate levels of consumer protection and competition, and safeguarding financial stability.
At the same time, the supervisory authorities can observe the latest technological developments and identify the most appropriate and effective regulatory interventions to facilitate the development of FinTech, thereby limiting the spread of potential new risks from the outset.
By participating in the sandbox, operators can test innovative products and services in constant dialogue with the supervisory authorities, also requesting that applicable regulations be waived for the purpose of the test.
Presentation of the projects - Cohort 2023
The application window for the second sandbox cohort will be open from 3 November to 5 December 2023.
There are no limits on the maximum number of applications or on the thematic areas of the proposed projects in this period.
Applicants can start informal talks with the Bank of Italy ahead of the application window by filling in this form and sending it to info.sandbox@bancaditalia.it.
For projects involving the financial or insurance sector, please check the websites of the competent authorities, i.e. Consob and Ivass.
For more information on how to participate in this project, please see the dedicated page 'Admission to the test'.
Ongoing
The first application window for the Regulatory Sandbox was from 15 November 2021 to 15 January 2022; the selected projects are currently being tested under the supervision of the Bank of Italy. A list of the projects is available in the 'Projects admitted to the first cohort' section.
Press releases
- Si apre la seconda finestra temporale per la presentazione dei progetti legati alla sandbox regolamentare (only in Italian) - 27 luglio 2023
- Si apre la finestra temporale per la presentazione dei progetti legati alla sandbox regolamentare (only in italian) - 30 settembre 2021
- Al via il Comitato FinTech e la sandbox regolamentare per la digitalizzazione dei servizi finanziari del Paese (only in italian) - 17 luglio 2021
