Following the approval of the Spanish Draft Bill for Digital
Transformation of the Financial System by the Spanish Council of
Ministers, this note explains the 'sandbox' mechanism and
analyses the main requirements to access it, and the next steps to
be considered.
On 18 February 2020, the Spanish Council of Ministers approved
the Spanish Draft Bill for the Digital Transformation of the
Financial System (Draft Bill), with the purpose of creating a
Spanish 'sandbox'. The Bill was then submitted to the
Spanish Parliament for processing. The Draft Bill introduces a new
suitable legal framework to ensure that innovation in the financial
sector is incorporated and developed in an efficient and secure way
for consumers.
