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\nPub lic Disclosure Authorized Pub lic Disclosure Authorized Pub lic Disclosure Authorized Pub lic Disclosure Authorized  \nConsultative Group to Assist the Poor  \n1818 H Street NW, MSN F3K-306 Washington DC 20433 [Internet: www.cgap.org](Internet: www.cgap.org)  \nEmail: [cgap@worldbank.org](cgap@worldbank.org)  \n[Telephone:](Telephone:) +1 202 473 9594  \n[Cover photo by Artur Verkhovetskiy from depositphotos.com](Cover photo by Artur Verkhovetskiy from depositphotos.com).  \n© CGAP/World Bank, 2020  \nRIGHTS A ND PERMISSIONS  \nThis work is available under the Creative Commons Attribution 4.0 International Public License ([https://creativecommons.org/licenses/by/4.0/](https://creativecommons.org/licenses/by/4.0/)). Under the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial purposes. See license for conditions.  \nAttribution—Cite the work as follows: Jeník, Ivo, and Schan Duff. 2020.“How to Build a Regulatory Sandbox: A Practical Guide for Policy Makers.” Technical Guide. Washington, D.C.: CGAP.  \nAll queries on rights and licenses should be addressed to CGAP Publications, 1818 H Street,  \nNW, MSN F3K-306, Washington, DC 20433 USA; e-mail: [cgap@worldbank.org](cgap@worldbank.org)  \nCONTENTS  \nExecutive Summary 1  \nSection 1: Introduction 2  \nSection 2: Objective Setting: Why Set Up a Regulatory Sandbox? 4  \nSection 3: How to Design a Regulatory Sandbox to Advance the Regulatory Objective 12  \nSection 4: How to Successfully Run a Regulatory Sandbox 15  \nSection 5: Alternatives to a Regulatory Sandbox 20  \nAnnex 1: Setting Objectives for a Regulatory Sandbox 22  \nAnnex 2: Templates for Sandbox Teams 23  \nAnnex 3: Sandbox Simulation Guidance 32  \nGlossary 33  \nReferences 34  \nAcknowledgments  \nThe authors of this Technical Guide are Ivo Jeník, financial sector specialist, and Schan Duff, senior policy consultant. Stefan Staschen, senior financial sector specialist, and Gregory Chen, lead financial sector specialist, oversaw this effort. Peer reviews were provided by Sharmista Appaya, senior financial sector specialist (World Bank), Denise Dias, senior policy consultant (CGAP), and Eric Duflos, senior financial sector specialist (CGAP) .  \nThe authors thank many other experts who have contributed to the paper, provided feedback, shared their experience, or cooperated with CGAP on in-country projects, including Tamara Cook, Gitau Mburu, Rafe Mazer, and Francis Gwer ofFSD Kenya; Joseph Lutwama ofFSD Uganda; and experts at the World Bank. Other experts provided feedback through a workshop held in April 2020:  \n• Christopher Calabia (Bill & Melinda Gates Foundation)  \n• Viola K. Chelangat (Capital Markets Authority, Kenya)  \n• Stephen Mathew Ambore (Central Bank of Nigeria)  \n• Leon Perlman (Digital Financial Services Observatory)  \n• Jackson Mueller (Milken Institute)  \n• Matthew Homer and Sarah Matheny (NY Department of Financial Services)  \n• Sohail Javaad and Syed Irfan Ali (State Bank of Pakistan)  \n• David Symington (UNSGSA)  \n• Helen Luskin Gradstein (World Bank Group)  \nThanks also go to the Bank of Bahrain, the Central Bank of Brazil, the Capital Markets Authority of Kenya, the Central Bank of Lithuania, the South African Reserve Bank, the Financial Supervisory Commission of the Republic of China (Taiwan), and many other stakeholders—including numerous fintech firms—for invaluable insights.  \nEXECUTIVE SUMMARY  \nREGULATORY SANDBOXES PROVIDE A  \ncontrolled environment to live test new products,  \ntechnology, or business models under the watchful eye of a financial regulator. In many countries around the world, regulatory sandboxes have garnered significant attention for their potential to enable regulators to carefully monitor the opportunities and risks associated with innovations, while allowing firms to bring innovations into the marke","cbCaibzAtyzYUgiS","https://ap.wps.com/l/cbCaibzAtyzYUgiS","pdf",903286,"English","# Executive Summary\n# Section 1: Introduction\n# Section 2: Objective Setting: Why Set Up a Regulatory Sandbox?\n# Section 3: How to Design a Regulatory Sandbox to Advance the Regulatory Objective\n# Section 4: How to Successfully Run a Regulatory Sandbox\n# Section 5: Alternatives to a Regulatory Sandbox\n# Annex 1: Setting Objectives for a Regulatory Sandbox\n# Annex 2: Templates for Sandbox Teams\n# Annex 3: Sandbox Simulation Guidance\n# Glossary\n# References","[{\"question\":\"What is a regulatory sandbox used for?\",\"answer\":\"A regulatory sandbox provides a controlled environment to live test new financial products, technology, or business models under the watchful eye of a financial regulator.\"},{\"question\":\"Should regulatory sandboxes be used in all countries and situations?\",\"answer\":\"No. The guide notes significant limitations, including the time and resource investment required and the risk of distracting regulators with limited capacity from core tasks.\"},{\"question\":\"What does the guide help regulators do?\",\"answer\":\"It helps financial regulators decide whether a sandbox fits their regulatory regime and, if suitable, how to design and implement a successful sandbox, while focusing on practical decision-making rather than theoretical evaluation.\"}]","How to Build a Regulatory Sandbox - A Practical Guide for Policy Makers | PDF",1791017747,101]