Regulatory Sandbox For Innovative Products Launched In Ukraine

On 15 April 2023, the National Bank of Ukraine (NBU) launched a regulatory sandbox, an initiative aimed at promoting innovation and growth in the financial sector. This regime will enable financial and payment service providers to test their innovative products, services, or technologies in a controlled environment under the supervision of the NBU.

Eligible participants

The sandbox is open to authorised financial service or payment service providers. Unauthorised entities will not have access to the sandbox at this stage.

Eligible products

A product or service to be tested in the sandbox must meet the following criteria, which may be expanded by the NBU:

• it must be unique (i.e., there should not be an equivalent product or service already in the Ukrainian market) or possess substantially superior or improved features;