Last July 27, the websites of Banca d’Italia, Consob, IVASS, and the Ministry of Economy and Finance (MEF) announced that the second phase of experimentation for FinTech activities in Italy will take place from November 3 to December 5, 2023.
During this second phase, operators in the sector can submit applications for admission to the so-called “Regulatory Sandbox.” In this protected space, supervised intermediaries and financial, banking, and insurance sector operators can experiment with unlimited innovative FinTech products and services, benefiting from a simplified and transitional regulatory framework. At the same time, the regulatory authorities will monitor the dynamics of technological development and identify the most effective regulatory interventions in order to facilitate the growth of the techno-financial sector.
The objective is to bring innovation to the interested sectors while ensuring consumer protection, as well as competition and financial stability.