What does regulatory sandbox mean and what are its advantages (the role of regulatory sandbox)?
What does regulatory sandbox mean and what are its advantages? According to a re
What does regulatory sandbox mean and what are its advantages? According to a report by Bitkan, a regulatory sandbox work promotion meeting for China’s internet finance industry was recently held in Shenzhen. At the meeting, the “Notice on Special Treatment of Risks in Virtual Currency Trading Speculation” was released, requiring all regions and departments to conscientiously implement the requirements of the notice, implement the accountability system, and operate in accordance with laws and regulations. At the same time, corresponding measures for the regulatory needs of blockchain technology applications were also proposed, including the establishment of information sharing and exchange mechanisms, the improvement of data governance systems, and the promotion of deep integration of blockchain and the real economy. In addition, it also proposed to support qualified enterprises in conducting business pilot demonstrations.
What does regulatory sandbox mean and what are its advantages? We can simply understand it as guiding enterprises to develop innovative projects through regulatory sandbox and providing a docking channel for funding and resources for entrepreneurs.
The role of regulatory sandbox
According to Sina’s report, recently, at the “2019 China (Beijing) Digital Innovation Forum and New Technology Application Summit Forum” jointly organized by Shanghai Financial Technology Center, China Europe International Business School, and the State Administration for Market Regulation, Fan Yifei, former deputy governor of the People’s Bank of China, stated that “regulatory sandbox is an important breakthrough for the development of the blockchain industry. This forum was organized by the People’s Bank of China to expand the research and testing of the central bank’s legal currency retail payment and settlement system based on the pilot of Shenzhen and explore the establishment of an open and inclusive cross-border yuan fund transfer and settlement mechanism.”
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