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Key facts:
Due to lack of resources and of approach with the regulators, the project has a delay of 2 years.Business organizations ask for to activate the sandbox, once you set up a new government.The effective implementation of a sandbox or space controlled test in Spain will allow innovation in the field of technology blockchains, and cryptocurrencies. This, according to the statements offered to Breaking News the Spanish Association Fintech and Insurtech (AEFI), the Cotec Foundation for Innovation, the Association of finance Users (ASUFIN) and the Spanish Association of Startups.These organizations expressed that a sandbox will allow the technologies associated with blockchains to acquire new forms of use, making sense of projects that were unthinkable up to now, due to lack of tools. “In the same way, you will create an effective, safe and transparent for the development, analysis, study and exploitation of the cryptocurrencies”, agreed.In relation to the institutions which believe they should regulate the use of blockchains, they stressed that it is a technology with multiple applications, so the use that you give will determine which regulator to contact. They argued, furthermore, that the institutions are prepared to do such work and to create the space of tests, since they believe in the need and usability of blockchain.On this topic, Patricia Suarez , president of ASUFIN, reiterated that the regulation will depend on the scope of application of the tool, but in any case, there are several supervisors, such as the Bank of Spain, the National Commission of the Market of Values (CNMV) or the National Commission of Markets and Competition (CNMC).In his judgment, supervisory entities spaniards have a very technical and skilled, however, “more are needed for the project sandbox and the concerning blockchain is a success”.
Attraction of investments
The organizations that were consulted by Breaking News also pointed out that the sandbox could attract some 1,000 million euros in investment projects, as well as facilitate the creation of over 4,000 direct jobs. With this, the country would be in the summit of the technological innovation financial, to the par of the United Kingdom, the Netherlands, Denmark, Poland and the united States.In the face of such expectations, there were eight in total, the technology organizations and consumers who urged the Council of Ministers of the Government of Spain to a approval express, via a Royal Decree Law, the Law for the Digital Transformation of the Financial Sector, which includes the creation of a sandbox or space controlled test.ASUFIN, as well as the other organizations referred to above, commented that there is an urgent need for a controlled space of tests to enable a legal environment desirable, to ensure safety to users in the digital transformation of the financial sector.In this regard, Suárez said that since this organism is bet by a space of experimentation controlled and delimited, which is under the supervision of the regulator and take into account the rights of consumers. To do this, the agency that presides proposes a consultative committee in which consumers are represented.For their part, the representatives of AEFI, Cotec and the Spanish Association of Startups coincided in pointing out that the sandbox is a measure that favours progress in your country. In that sense, their view is that for innovation to progress, you need three fundamental sources: investment, talent and regulation. “Currently, “Spain has talent enough to create new initiatives that make possible the development of new projects and we place at the forefront of the transformation”, according to emphasized.
Long delay
The organizations surveyed revealed that the sandbox has a delay of almost two years due to a lack of resources and outreach to regulators and supervisors. Faced with this situation, say you need to create a space in which “the regulator can drink directly from the source of innovation, which will provide the right climate to update the applicable Spanish to new business models and new ways of understanding the sector.”On the other hand, ensured that the investment will come from the hand of the curiosity generated by these new projects, which not only portend a more competitive market and effective, but also a democratisation and financial inclusion of a much wider audience.However, the sandbox comes on the market and operate with guarantees, the last word lies with the supervisory bodies. In that sense, the organizations indicate that they are going to do everything possible to ensure that the controlled space of evidence to come forward as soon as possible, and that “it finished as well with the cost of this delay is assuming for the entire financial industry in Spain”.
Suitability of projects
In terms of the existing plans to adapt to this space of evidence, Patricia Suárez stressed that they must be projects that contribute to financial innovation and that can give rise to new business models, processes or products. AEFI, Cotec and the Spanish Association of Startups explained that the sketches are born out of people with a focus on innovation. These are held together in Spanish companies of cutting technology financial (insurance companies, for example) with disruptive ideas to the market.The associations clarified that it does not collect the designs of the entrepreneurs, but to give visibility to an innovative industry that seeks new forms of growth and development, in favour of an improvement of the industry.
Advantages of the sandbox
To the president of ASUFIN the great benefit that would be generated by this sandbox at a time like the present where the innovation is ahead of regulation, would be to allow the projects to be checked before they go to market. “In this way, it fosters innovation but in a controlled way, to avoid effects of unknown and unwanted,” he said.For their part, the other agencies consulted by Breaking News pointed out that the sandbox can be seen as a catalyst for the digital transformation of financial services. “Without any doubt, is already working in other countries with success,” he stressed.Also stressed that since the industry relies on the consensus of the parties on the goodness of this tool, so that you can get ahead.Among the constraints faced, is the need of a General Courts-active (Parliament), which were dissolved by Royal decree, calling for an election in November next. This fact has caused that the sandbox is paralyzed, awaiting the formation of a government in full.For the above reasons, the organizations have requested that once the establishment of the government, is put in place, the project, which is approved since last February waiting for the Ministry of Economy to submit it to Parliament for ratification.