CBAR announces application dates to participate in Regulatory Sandbox

02-04-2024

02 April 2024, Baku: As part of the ‘Financial Sector Development Strategy 2024-2026’ the Central Bank aims at taking actions oriented towards the digitalization of financial services provided in financial markets, the presentation of innovative financial products for the local market and enhancing financial inclusion in the country. The ‘Regulation on the application of the Regulatory Sandbox’, one of the related critical initiatives, was approved by the Central Bank on 31 January 2024 and entered into the State Register of Legal Acts of the Republic of Azerbaijan.

The Regulatory Sandbox is a set of rules for testing innovative financial products in financial markets within a defined framework and controls of the Central Bank. The aim of the Sandbox is to take appropriate actions to improve the regulatory framework for the introduction of products, that meet the specified criteria and are successfully tested in the test mode, to the market. Sandbox participants will test financial products under the agreement to be concluded with the Central Bank. The test period specified during the conclusion of agreements will be 12 months.

Applications to join the Regulatory Sandbox will be received from 1 May 2024 through 31 May 2024.

To participate in the Regulatory Sandbox the documents and information specified in Item 4.2 of the ‘Regulation on the application of the Regulatory Sandbox’ may be sent either through the dedicated website (sandbox.cbar.az) or in writing.

If you have any questions about the Regulatory Sandbox, please contact sandbox@cbar.az.