- Spain thus joins the countries at the forefront of technology that have similar systems to accompany the digital transformation of the financial system
The Ministry of Economy and Business has published the text of the "Draft Law on the digital transformation of the financial system", which includes the regulation of a "Sandbox" or controlled test space aimed at technological-based financial innovations. Thus begins the process of public hearing, channel of participation with which it is intended to seek the opinion of the citizens, organizations and authorities concerned. The reception of comments on the bill will be open until September 7.
With this measure, Spain joins the countries at the forefront of technology that have similar systems to accompany the digital transformation of the financial system.
This initiative responds to the conviction that the digital transformation of the economy is a phenomenon of structural change that requires an active involvement of the public authorities, ensuring that the changes occur in an orderly manner and consistent with the principles and values that define the general interest. . The initiative also fits with the recommendations of various international institutions and forums.
In that sense, the new regulation aims to favor the innovative process by removing obstacles and articulating agile and transparent channels of collaboration between public authorities and private initiative as the main engine of innovation. At the same time, the shaping principles of the financial policy are preserved, ensuring that the digital transformation does not affect the level of protection of customers of financial services, financial stability and integrity in the markets, nor does it facilitate the use of the financial system for illicit purposes.
Regarding the main of the measures contemplated in the preliminary draft, the “Sandbox” or controlled test space, there is an international consensus in considering that this type of instruments can be useful for all actors, and especially for supervisors and legislators in the exercise of its functions.
Regarding its operation, the tests are expected to be carried out under three conditions: (1) surveillance of the competent authorities, in particular financial supervisors; (2) previous delimitation of the scope, duration and characteristics of the tests; (3) maximum guarantee for the participants when the realization of the tests requires the participation of real clients.
The document for Public Hearing is available on the website of the Ministry of Economy and Business.
