In July 2021 the Italian Ministry of Economy and Finance (MEF) enforced the first Regulatory Sandbox, a controlled environment where fintech operators can test their innovative products and services in constant dialogue with the supervisory authorities (Banca d’Italia, Consob and IVASS).
The sandbox offers companies a transitional regulatory regime that derogates from the ordinary rules for a maximum period of 18 months. It provides for reduced capital requirements for participating companies, simplified obligations for admission to the experimentation and shorter terms compared to the traditional authorisation process.
The special regulatory regime is aimed at encouraging and supporting the growth of new and innovative fintech models and is part of a wider framework of collaboration between institutions and operators in the sector to consolidate the italian fintech ecosystem.
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