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The new Italian FinTech initiatives
In line with the actions taken in several EU Member States, Italy has also recently enacted specific measures for the development of FinTech initiatives by introducing a dedicated sandbox.
The initiative for the establishment of the sandbox follows the publication in January 2019 of the ESAs Report on FinTech: Regulatory sandboxes and innovation hubs setting out a comparative analysis of existing innovation facilitators and best practices for the design and operation thereof. In light of the indications provided this Report, a regulatory sandbox consists of a test area for innovative FinTech initiatives where the possibility of a cooperative dialogue with the regulators and flexibility in the application of the existing legislation is ensured.
