India’s securities regulator SEBI seeks to boost blockchain and AI innovation through sandbox approach: Report
Fri, 01 Mar 2019, 05:30 am UTC
The Securities and Exchange Board of India (SEBI) is considering setting up a regulatory sandbox to facilitate regulated use of innovative technologies such as blockchain and artificial intelligence in the securities market, The Economic Times reported.
Officials said that SEBI believes that the implementation of these emerging financial technologies in areas such settlement, robo-advisory, e-wallets, security systems for intermediaries and market infrastructure institutions, resolution of complaints, etc. could be better done through a 'sandbox' mechanism.
A number of regulatory bodies around the world have set up or are in the process of setting up regulatory sandboxes to support fintech innovation.
Countries such as Singapore and the UK, have launched regulatory sandboxes to promote fintech and blockchain innovation. Other countries, such as Malta and Gibraltar, have implemented blockchain-friendly laws.
South Korea’s Financial Services Commission (FSC) is planning to launch a financial regulatory sandbox in April 2019.
In the U.S., the Department of Treasury last year proposed setting up regulatory sandboxes to promote innovation.
Last August, the UK Financial Conduct Authority (FCA), together with 11 global financial regulators and related organisations, has announced the formation of a global fintech sandbox. Called the Global Financial Innovation Network (GFIN), the initiative aims to provide a platform for innovative firms to better interact with regulators and trial cross-border solutions.
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