Licensing Atlas · Tools

Regulatory sandboxes and innovation hubs

A regulatory sandbox lets a firm test a product with real customers under relaxed rules and supervision; an innovation hub only gives guidance and grants no relief. The two are often confused. This table sets out, for 43 regulators, which of them each one offers, what kind it is, and how to apply.

Last verified 2026-09-24Markdown · Data (CC BY 4.0)
Regulatory sandboxes and innovation hubs: toolBOX

Sandbox or innovation hub?

A sandbox is a formal testing regime: time-limited, with conditions, sometimes created by statute, and it can waive or modify specific rules. An innovation hub is a contact point: the regulator explains how its rules apply to a new product, but grants no exemption and no licence. Some regulators run both; some reject sandboxes on principle and offer only a hub.

By regulator

RegulatorSandboxInnovation hub
AFM
Netherlands		Yes (statutory)
The Netherlands does not operate an open domestic regulatory sandbox granting legislative waivers or exemptions from general financial regulation. However, the AFM and DNB actively implement the EU DLT Pilot Regime (Regulation (EU) 2022/858), allowing financial market participants to test distributed ledger technology for trading venues (DLT MTF), settlement systems (DLT SS), and trading and settlement systems (DLT TSS) under temporary statutory exemptions from MiFIR and CSDR requirements.1		Yes
The AFM and De Nederlandsche Bank (DNB) operate the joint InnovationHub, established in June 2016, providing an informal regulatory information desk for innovative fintechs and established financial institutions with novel business models to discuss supervision questions, regulatory perimeter questions, and licensing requirements, with an initial response target within two business days.2
AMF
France		Yes (statutory)
France does not operate an open domestic sandbox granting exemptions for general fintech startups, but actively implements the statutory EU DLT Pilot Regime (Regulation (EU) 2022/858), enabling market operators and investment firms to test distributed ledger technology for multilateral trading facilities (DLT MTF) and settlement systems (DLT SS/TSS) under temporary exemptions from MiFIR and CSDR requirements coordinated by AMF, ACPR, and Banque de France.3		Yes
The AMF operates an Innovation and Digital Finance division (established in 2016) and co-leads the joint AMF-ACPR FinTech Forum with the ACPR (Banque de France), organizing expert working groups, workshops, and supervisory guidance on tokenisation, artificial intelligence, and digital asset regulation.4
ASIC
Australia		Yes (statutory)
The Enhanced Regulatory Sandbox (ERS), a statutory exemption in force since 1 September 2020, lets eligible individuals and businesses test certain innovative financial services or credit activities for up to 24 months without holding an AFS or credit licence, while still meeting conduct and disclosure obligations as if licensed. As of the current register, 3 firms hold active exemptions: Waratah Payments Pty Ltd (to July 2028), Canvas Digital Pty Ltd (to May 2028) and ContraCapital Pty Ltd (to April 2028).5		Yes
The Innovation Hub is ASIC's dedicated fintech/regtech contact point, combining the informal-assistance service with information on the regulatory sandbox and other guidance for innovative financial and credit businesses.6
AUSTRAC
Australia		No
AUSTRAC offers no regulatory sandbox or AML/CTF relief of its own. A firm operating inside ASIC's Enhanced Regulatory Sandbox (which can waive the need for an AFS licence) still must fully comply with AUSTRAC enrolment, registration and AML/CTF program obligations from day one: there is no reduced AUSTRAC regime for sandbox participants.7		No
AUSTRAC runs an 'Innovation Hub' but it sits inside Fintel Alliance, AUSTRAC's public-private financial-crime intelligence partnership (~30 members: major banks, remittance providers, gambling operators, law enforcement): it is aimed at joint intelligence/technology projects with existing partners, not at helping new applicants through registration or licensing.8
BaFin
Germany		Yes (statutory)
Germany maintains no general national regulatory sandbox, as BaFin strictly rejects rule exemptions on constitutional equality grounds ('same business, same risks, same rules'). However, BaFin operates the EU DLT Pilot Regime (Regulation (EU) 2022/858) as a statutory European sandbox for DLT trading and settlement systems.9		Yes
BaFin operates a specialized FinTech Navigator Desk (Lotsenfunktion) within its innovation division, providing regulatory perimeter guidance and directing startups through supervisory pathways in collaboration with the Deutsche Bundesbank.10
BdE
Spain		Yes (statutory)
Spain's financial sandbox operates on a statutory basis under Ley 7/2020 with semiannual cohort application windows managed through the Sede of the General Secretariat of the Treasury (SGTFI). Once admitted, promoters sign an individual testing protocol with Banco de España, conduct pilot testing under designated supervisory monitors with civil liability protections, and can benefit from a fast-track statutory licensing gateway under Article 18.11		Yes
Banco de España operates dedicated innovation channels through its Division of Innovation in Payment Media and Infrastructures (División de Innovación en Medios e Infraestructuras de Pago), including informal query desks on technological innovation and sectorial financial regulations to provide informal, non-binding supervisory orientation to fintech promoters.11
LB
Lithuania		Yes (policy)
Bank of Lithuania operates a cross-sector regulatory sandbox launched in October 2018; allows live testing of innovative financial solutions under agreed testing parameters and supervisory levers for proportionality without disapplying EU or national law.12		Yes
Bank of Lithuania maintains an Innovation Group acting as an innovation hub across banking, insurance, and capital markets, providing non-binding supervisory and perimeter guidance.12
BMA
Bermuda		Yes (statutory)
Two statutory sandbox-like pathways exist outside insurance: the Digital Asset Business Class T (Test) licence lets an entity test a proof-of-concept DAB model under BMA supervision before applying for Class M or F; and the Investment Business Act's test licence lets holders run investment activities inside the Authority's general regulatory sandbox to trial innovative products, technology or delivery methods.13		n/a
BMA operates a formal Innovation Hub, but the pages found this session describe it only for insurance/InsurTech; no equivalent named 'innovation hub' for digital asset business or investment business was found, though the Digital Assets team's pre-application consultation serves a similar early-stage purpose.14
BVI FSC
British Virgin Islands		Yes (statutory)
The Financial Services (Regulatory Sandbox) Regulations, 2020 let the FSC admit participants (including VASPs) into a live, contained testing environment; a prior local research pass on this project recorded an 18-month statutory cap with a possible 6-month extension, and that AML/CFT rules cannot be waived inside the sandbox, but I could not re-open bvifsc.vg's sandbox pages or the guidelines PDF text myself this session to confirm those two details firsthand.15		n/a
CBUAE
United Arab Emirates		Yes (statutory)
Governed by the Sandbox Conditions Regulation (Circular No. 6/2023, effective 15 April 2024), the CBUAE Regulatory Sandbox provides a controlled environment allowing participants to test innovative fintech products and business models. Approved participants receive temporary exemption or regulatory relief under Article 64(4) of the primary law for a testing period of 6 to 12 months. Under Section 13-1 of the regulation, participation in the Regulatory Sandbox is strictly free of regulatory fees.16		Yes
CBUAE established the dedicated FinTech Office in 2020 and spearheads the Financial Infrastructure Transformation (FIT) Programme, encompassing nine strategic initiatives including the Digital Dirham central bank digital currency (CBDC), the Aani instant payment platform, the Jaywan domestic card scheme, and an Open Finance framework. Innovation initiatives also interface with the Emirates Institute of Finance (EIF) Digital Lab.17
CBI
Ireland		Yes (policy)
Central Bank of Ireland operates an Innovation Sandbox Programme running on a 6-month thematic cohort basis (cohort 1: Combatting Financial Crime; current cohort: Innovation in Payments). It provides regulatory mentorship, advice, and workshops without statutory exemptions or waivers from EU or Irish financial legislation.18		Yes
Central Bank of Ireland maintains an Innovation Hub providing informal engagement, regulatory guidance, and feedback to innovative fintech business models. Requests are submitted via an engagement form to innovation@centralbank.ie, with initial response within 5 working days and consultative meetings scheduled within 2 to 3 weeks free of charge.19
CGA
Curaçao		n/a
n/a
CIMA
Cayman Islands		n/a (statutory)
The Virtual Asset (Service Providers) Act lets a fintech service provider apply to CIMA for an optional sandbox licence, in the manner CIMA specifies, giving temporary, conditional authorisation to test virtual asset business models before full registration or licensing.20		n/a
CNAD
El Salvador		Yes (policy)
CNAD president Juan Carlos Reyes announced (17 April 2026) a regulatory sandbox for banks, run with the Attorney General's Office, the Financial Investigation Unit and the central bank, to let banks test digital-asset use cases under CNAD supervision; CNAD has also discussed a cross-border pilot sandbox with the US SEC capped at $10,000 per pilot. Neither sandbox is created by statute; both are policy initiatives with no published cohort windows.21		n/a
No dedicated 'innovation hub' page or programme was found on cnad.gob.sv; CNAD instead runs case-by-case pre-registration screening and ad hoc sandboxes (see below).22
CNB
Czech Republic		No
The CNB does not operate a regulatory sandbox and has officially maintained a strict policy refusing to establish a regulatory sandbox, citing statutory principles of market neutrality, non-discrimination, and equal treatment under Czech financial market legislation ('same business, same risks, same rules'). No discretionary statutory waivers or light-touch regulatory dispensations are granted to fintech startups.23		Yes
The CNB operates the FinTech contact point, an interactive communication channel established to receive fintech queries from incumbent institutions and prospective market entrants. It facilitates dialogue with the fintech community through regular consultative meetings and topical roundtables free of charge, though the CNB explicitly states it does not maintain a dedicated separate innovation hub.23
CNMV
Spain		Yes (statutory)
Governed by Ley 7/2020, Spain's financial regulatory sandbox operates on a statutory basis with two annual cohort application windows (March and September) managed jointly by the CNMV, Banco de España, and DGSFP under the General Secretariat of the Treasury, offering live testing under agreed protocols, civil liability coverage, and fast-track transition to formal licensing.24		Yes
CNMV operates the Portal FinTech (Financial Innovation Hub) created in late 2016 to serve as an informal single point of contact supporting fintech startups and financial entities on regulatory perimeter questions, innovative technologies, and suitability for sandbox admission.24
CONSOB
Italy		Yes (statutory)
Established by Article 36 of Decree-Law 34/2019 and MEF Decree no. 100/2021 (implemented by CONSOB Resolution no. 22054/2021), the Italian FinTech Sandbox is coordinated by the MEF FinTech Committee together with CONSOB, the Bank of Italy, and IVASS; it admits innovative testing cohorts for periods up to 18 months with tailored regulatory derogations from secondary supervisory rules.25		Yes
CONSOB operates CONSOB-TECH, a dedicated innovation hub team supporting FinTech promoters; it offers the LIFTECH initiative for informal dialogue and mentorship with innovators whose business models are evolving or fall outside established perimeters.26
CSSF
Luxembourg		No
The CSSF does not operate a national regulatory sandbox, maintaining an official policy that financial institutions and fintechs must operate within existing EU harmonized legal frameworks to ensure valid European passporting rights across the Single Market; innovation testing is instead supported through the Innovation Hub and participation in the EU DLT Pilot Regime (Regulation (EU) 2022/858).27		Yes
The CSSF operates a dedicated Innovation Hub acting as a central point of contact for innovative financial projects, maintaining open dialogue on AI, DLT, blockchain, crypto-assets, and crowdfunding under a technology-neutral, risk-based approach.27
CySEC
Cyprus		Yes (policy)
Established by CySEC in June 2024, the Regulatory Sandbox operates as an open-window policy testing space covering four phases (Application, Preparation, Testing, Exit) allowing small-scale live trials of innovative financial products with dedicated officer support. The sandbox does not provide light-touch regulation or statutory exemptions; unregulated firms whose solutions require licensing must obtain full authorization prior to live testing.28		Yes
CySEC established its Innovation Hub in September 2018 to foster constructive dialogue between the supervisory authority and entities developing technological solutions in fintech and regtech, offering informal regulatory guidance without fee charges.28
DFSA
Dubai International Financial Centre (DIFC)		Yes (statutory)
The DFSA operates the Innovation Testing Licence (ITL) under GEN Chapter 13, a statutory regulatory sandbox enabling firms to test innovative fintech concepts under restricted conditions for 12 to 24 months. In March 2025, the DFSA expanded this with a dedicated Tokenisation Regulatory Sandbox cohort for testing digital assets and tokenised funds. Testing firms submit an approved Test Plan and enjoy tailored regulatory relief before transitioning to a full Financial Services Permission.29		Yes
DIFC operates the DIFC Innovation Hub, a dedicated ecosystem providing fintech and venture startups with licensing benefits, subsidized co-working space, accelerator programs, and investor networking, in close collaboration with the DFSA on regulatory innovation.30
DNB
Netherlands		No
DNB does not run a regulatory sandbox in which rules are set aside. Its joint InnovationHub with the AFM and ACM explains how existing rules apply to an innovation, free of charge, but cannot exempt a firm from legal requirements.31		Yes
Jointly operated with AFM and ACM, the InnovationHub provides free informal regulatory guidance to financial innovators within 5 to 10 working days on supervisory frameworks and market perimeter classifications.32
EBA
European Union		Yes (policy)
While the EBA does not run an autonomous national regulatory sandbox, it coordinates cross-border testing across national sandboxes via the EFIF Cross-Border Testing Framework hosted on the EU Digital Finance Platform, allowing firms to test innovative solutions simultaneously under multiple national supervisory authorities.33		Yes
The EBA co-operates the European Forum for Innovation Facilitators (EFIF), an EU-level network connecting innovation hubs and regulatory sandboxes across all 30 EEA countries to facilitate information exchange and develop common supervisory approaches to fintech innovations including AI, DLT, and embedded finance.34
ESMA
European Union		Yes (statutory)
Under the EU DLT Pilot Regime (Regulation (EU) 2022/858, in application since 23 March 2023), ESMA coordinates the statutory testing environment allowing eligible investment firms, market operators, and CSDs to operate DLT multilateral trading facilities and settlement systems with temporary exemptions from specific MiFID II/CSDR provisions; ESMA provides cross-border convergence, issues guidelines, renders non-binding opinions on national permissions, and maintains the central public register of DLT market infrastructures.35		Yes
ESMA co-coordinates the European Forum for Innovation Facilitators (EFIF) via the Joint Committee of the European Supervisory Authorities (with EBA and EIOPA) and supports the EU Digital Finance Platform. EFIF acts as a cross-border platform connecting national innovation hubs and sandboxes to promote supervisory convergence, joint testing, and perimeter guidance without ESMA operating a standalone direct retail innovation desk.36
FCA
United Kingdom		Yes (statutory)
The FCA Regulatory Sandbox operates an open year-round application window allowing authorized and unauthorized firms to test innovative propositions live with real UK consumers under tailored safeguards. Testing tools include restricted authorization, rule waivers or modifications under FSMA Section 138A, individual guidance, informal steers, and no-enforcement action letters.37		Yes
The FCA Innovation Hub supports innovative fintech and regtech firms through dedicated services including Innovation Pathways (direct regulatory guidance), the Digital Sandbox (synthetic datasets and APIs for testing proof-of-concepts), the Smart Data Accelerator, and TechSprints tackling industry challenges.38
FI
Estonia		No
Finantsinspektsioon does not operate a regulatory sandbox; it deliberately channels innovation support through its Innovation Hub to maintain a level playing field, offering pre-licensing guidance and qualification analysis rather than live-testing regulatory waivers or exemptions.39		Yes
Finantsinspektsioon operates an Innovation Hub providing a single dedicated contact point for fintech and crypto firms to clarify regulatory perimeter issues, supervisory guidelines, and licensing expectations (contact: fintech@fi.ee).39
FinCEN
United States		No
Yes
FINMA
Switzerland		Yes (statutory)
Art. 6(2) of the Banking Ordinance lets a firm accept public deposits of up to CHF 1 million without a banking licence, if the money is not used for interest-margin business and depositors are told beforehand that the firm is not supervised by FINMA and deposits are not protected. Settlement accounts held for up to 60 days are not treated as deposits.40		Yes
FINMA operates a specialized FinTech Desk within its authorization division, established to assist startups and innovators with regulatory perimeter determinations, ICO classifications, and guidance across supervisory pathways (fintech@finma.ch).41
FINTRAC
Canada		No
No
FIU
Estonia		No
No regulatory sandbox exists under the Estonian FIU regime. Authorisations are granted solely on strict compliance with statutory preconditions under the Money Laundering and Terrorist Financing Prevention Act without sandbox exemptions.42		No
The Estonian FIU does not operate a fintech innovation hub; regulatory fintech guidance and market participant support in Estonia are operated by Finantsinspektsioon.42
FSA
Seychelles		Yes (statutory)
FSA runs a regulatory sandbox for testing innovative financial products/services, supported by a published 'Regulatory Sandbox Exemptions Guidelines for Applicants' document. As of today the public sandbox page lists one participant, SECDEX Digital Custodian Limited, offering digital asset and custodial services from Providence, Mahé.43		n/a
No dedicated 'innovation hub' page or service was found on fsaseychelles.sc; the FSA's fintech-facing tools appear limited to the regulatory sandbox and its guidelines.44
FSC
Mauritius		Yes (policy)
The FSC operates a regulatory sandbox under its Regulatory Sandbox Guidelines (revised November 2023) granting Regulatory Sandbox Authorisations (RSAs) with a $0 application fee for testing innovative fintech products in a live, contained environment for 12 to 24 months with tailored reporting safeguards.45		Yes
The FSC operates an Innovation Office alongside a dedicated Fintech and Innovation webpage (launched in November 2023) providing direct regulatory guidance on novel fintech models, an overarching compendium of fintech frameworks, and stakeholder engagement.45
FSCA
South Africa		n/a
n/a
FSRA
Abu Dhabi Global Market (ADGM)		Yes (statutory)
The ADGM RegLab (Regulatory Laboratory) is a tailored regulatory framework allowing innovative fintech firms to test products under restricted FSP conditions for up to 24 months, with an application fee of USD 1,000.46		Yes
ADGM operates the FinTech ecosystem and Digital Lab, providing synthetic testing environments, API integration sandboxes, and regulatory engagement for innovative business models.47
KNF
Poland		Yes (policy)
KNF operates virtual sandboxes including the PSD2 Open API Virtual Sandbox (Piaskownica Wirtualna PSD2) and the DLT Virtual Sandbox (Piaskownica DLT, developed with KDPW). These sandboxes provide synthetic testing environments with simulated financial data; they do not grant statutory waivers or regulatory exemptions from Polish financial legislation.48		Yes
Program Innovation Hub is run by the FinTech Financial Innovation Department. FinTech firms and startups can submit questions using an online form to obtain non-binding regulatory explanations, interpretations of supervisory practices, and clarification of licensing criteria free of charge.48
Labuan FSA
Malaysia (Labuan)		No
Labuan FSA does not operate a regulatory sandbox. Its own guidance explicitly contrasts Labuan with jurisdictions that isolate fintech start-ups in sandboxes or incubators, stating that Labuan requires such businesses to operate directly in the real, open international market, subject to ordinary AML/CFT and market-conduct rules.49		n/a
No dedicated 'innovation hub' page or standing programme was found on Labuan FSA's own site; fintech proposals appear to be handled instead through the ordinary pre-application email enquiry and existing licensing categories.49
LB
Latvia		Yes (policy)
Latvijas Banka maintains a Regulatory Sandbox allowing market participants and startups to test innovative financial services, technologies, or business models with real customers under agreed testing parameters and supervisory oversight.50		Yes
Latvijas Banka operates an Innovation Hub providing direct support, regulatory guidance, and pre-licensing advice for fintech and crypto-asset firms (contact: fintech@bank.lv, +371 67 022 646).51
MAS
Singapore		Yes (policy)
MAS operates a three-track FinTech Regulatory Sandbox: Bespoke Sandbox (launched 2016) for complex innovations; Sandbox Express (launched August 2019) providing fast-track 21-day market testing for pre-defined low-risk activities; and Sandbox Plus (effective 2022) offering grant support up to SGD 500,000 via the Financial Sector Development Fund (FSDF) and Deal Fridays investor access.52		Yes
MAS operates the FinTech and Innovation Group (FTIG) and the Global Finance & Technology Network (GFTN), organizing the annual Singapore FinTech Festival, coordinating cross-border initiatives like Project Nexus, and fostering ecosystem growth.53
MFSA
Malta		Yes (policy)
The MFSA launched its FinTech Regulatory Sandbox under MFSA Act Rule 3 (revised March 2023), allowing FinTech Service Providers and FinTech Suppliers to live-test innovative products, services, or business models with real consumers in a controlled environment for up to 12 months (extendable), with proportional supervisory parameters without statutory law disapplication.12		Yes
The MFSA operates a dedicated FinTech Innovation Hub providing informal, non-binding regulatory guidance to FinTech startups, technology providers, and incumbent firms seeking clarity on regulatory perimeter and qualifying activities under Maltese and EU financial services frameworks.12
MGA
Malta		Yes (policy)
The MGA operates the Sandbox Regulatory Framework for the acceptance of Virtual Financial Assets (VFAs) and Distributed Ledger Technology (DLT) assets in gaming operations. Authorised persons apply via the Licensee Portal under 'Operational: Payment Methods' to accept crypto deposits up to €1,000 per player per month, subject to player verification within 30 days and strict safeguarding controls codified under the MGA DLT Policy.54		Yes
The MGA actively collaborates with the Malta Digital Innovation Authority (MDIA) and industry stakeholders on emerging technology initiatives, including the publication of the AI Gaming Charter in September 2026 and regular thematic guidance on DLT, smart contracts, and algorithmic game fairness.55
NBG
Georgia		Yes (policy)
NBG's Regulatory Laboratory (sandbox) was created by NBG President's Order No. 125/04 of 23 May 2025, open to entities in sectors under NBG supervision. Projects move through three stages ending in supervised real-world testing with a limited number of users; completed cohorts have covered tokenised bonds and crowdfunding. Applicants apply via the Financial Innovation Office.56		Yes
The Financial Innovation Office (InnovationOffice@nbg.gov.ge) is NBG's free communication channel between financial-technology innovators and its supervisors, providing general guidance and case-by-case feedback outside the formal licensing process.57
NBS
Slovakia		Yes (policy)
NBS runs a Regulatory sandbox in which participants work with NBS to align a financial innovation with regulatory requirements.58		Yes
NBS has run an Innovation hub since April 2019: fintech firms and market participants can consult NBS experts on how financial-market rules apply to their product.59
SFC
Hong Kong		Yes (policy)
The SFC Regulatory Sandbox provides a confined regulatory environment for qualified licensed corporations and startups using innovative technology to conduct regulated activities under tailored licensing conditions and close supervisory monitoring. The SFC expects most standard fintech applicants to follow normal licensing procedures without entering the Sandbox.60		Yes
The SFC established the FinTech Contact Point to maintain dedicated communication with businesses developing financial technologies, clarify regulatory requirements, and assist firms operating innovative business models including robo-advisory and virtual asset operations.61
VARA
Dubai (VARA)		Yes (policy)
Dubai operates Sandbox Dubai under Economic Agenda D33 to test and commercialise innovative emerging technologies. Additionally, VARA conducts controlled live testing initiatives, notably the Real Estate Tokenisation Pilot in partnership with the Dubai Land Department (DLD). Having concluded Phase 1 architecture validation, the pilot entered Phase 2 controlled evaluation for secondary-market trading under active regulatory oversight.62		Yes
Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.

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