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ARTICLE · 06 OCTOBER 2021

The Italian FinTech Sandbox

Carotenuto Studio Legale
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The Italian FinTech Sandbox (the "Sandbox") has been introduced by means of Ministerial Decree no. 100 of 2nd July 2021 (the "Decree") , which entered into force on 17th July 2021.

ItalyTechnology
Giovanni Carotenuto
Giovanni Carotenuto
Niccolò Martinoli
Niccolò Martinoli

1.Introduction

The Italian FinTech Sandbox (the "Sandbox") has been introduced by means of Ministerial Decree no. 100 of 2nd July 2021 (the "Decree")1, which entered into force on 17th July 2021. By means of the Decree, it was also established a FinTech Committee (the "Committee"), chaired by the Minister of Economy and Finance and composed of the national competent authorities (the "NCAs"), which is in charge of monitoring and fostering the development of FinTech in Italy, as well as of keeping contacts with operators and foreign and EU authorities. 

The Sandbox comes at the end of a long process, which has seen the launch of several initiatives of the NCAs aimed at monitoring technological innovations in the relevant markets while fostering the digitalisation of Italy, such as the Bank of Italy's Canale FinTech (in 2017) and Milano Hub (in 2020), CONSOB's Quaderni uaderniQFinTech (from 2018 onwards), and several IVASS' workshops and roundtables2 aimed

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