Evaluation of applications for participation in Regulatory Sandbox begins

18-02-2025

Baku, February 18, 2025: Processes continue according to the stages set by the Central Bank within the framework of organization and management of activities under the Regulatory Sandbox regime.

In total, 14 applications for participation in the Regulatory Sandbox have been received in the first phase. The applications are for testing of innovative products in the areas of virtual assets, credit and insurance, as well as other areas of financial markets.

Currently, the Central Bank has started the initial assessment process. The next stage will be the review and final assessment of the applications. At this stage, the applications will be assessed for compliance with the requirements and a final decision will be made.

It should be noted that the Regulatory Sandbox is a set of rules containing measures for testing innovative financial products on the financial markets on a limited scale and under the supervision of the Central Bank. The participant of this regime will conduct the testing of the innovative financial product on the basis of an agreement to be concluded with the Central Bank. The aim is to introduce innovative products that meet the criteria of the Regulatory Sandbox and successfully implement them on the financial markets.

The Regulatory Sandbox is expected to contribute significantly to the protection of consumer rights, effective management of potential risks in the financial sector and strengthening of confidence in the financial system.