Abordagens regulatórias experimentais para a inovação no sistema financeiro : uma análise do instrumento do sandbox e sua implementação no Brasil

Abstract

This article discusses the sandbox instrument and its main aspects as example of an experimental and open regulatory approach capable of innovating the financial system. In a scenario where fintechs and their innovative business models are rapidly and irreversibly transforming the finance sector, making the existing regulatory framework ineffective or even obsolete, the search for new regulatory strategies becomes a key measure for reconnecting with the disruptive market reality. There is, therefore, a global trend towards adopting the regulatory sandbox instrument as a more flexible and efficient regulatory strategy to encourage competition and innovative market development. In the wake of the satisfactory results obtained by implementing this experimental regulatory environment in countries such as those of the United Kingdom, this study addresses the recent implementation of the sandbox in the Brazilian financial system.