Workshop on the Regulatory Sandbox Mechanism for Productivity Policies

Regulatory sandbox mechanisms are special forms of experimental regulations allowing for the creation of specific legal regimes for new products and services, enabling experiments with their practical usage within certain restrictions. Among member economies, these mechanisms have been implemented in the ROC, Fiji, India, Indonesia, Malaysia, Japan, the ROK, the Philippines, Singapore, Sri Lanka, Thailand, Turkiye, and Vietnam to foster the development of digital innovations and fintech.

The introduction of regulatory sandboxes has shown positive effects, such as increased access to capital, improved business survival rates, and increased patenting. The implementation of regulatory sandboxes requires appropriate management, legal support, and evaluation mechanisms.

Different approaches to regulatory experiments have been taken, including regulations on specific issues, pilot models of innovative technologies, and creating universal mechanisms for real-life experiments. Regulatory sandboxes are recognized as effective instruments to foster innovations in the digital economy.

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