The Sandbox is being launched in 2 phases.

Phase I, which is ongoing, is aimed specifically at EMIs. The Order provides for a form of ‘sandboxing’ of EMIs through the granting of provisional registration, for an initial period of up to 6 months and subject to specified terms and conditions.

Phase II entails broader fintech initiatives that may span all Authorities, including those entities proposing to engage in crypto-asset/virtual asset services. Phase II is, however, not yet operational as it necessitates certain legislative amendments and other operational requirements for extending the Sandbox to non-EMI initiatives. Until such time, participation in the Sandbox by broader fintech entities (i.e. non-EMIs) is not allowed.

Further information on the Regulatory Sandbox, is available using the following link: Regulatory Sandbox