Based on an e-mail received by Abacus Legal from the Financial Market Authority (AFM), the AFM and De Nederlandsche Bank (DNB) are having discussions about the Dutch regulatory sandbox “with a couple of parties at the moment that are related to digital assets.” It is unclear if the digital asset firms have only submitted questions or have requested a license to operate in the sandbox program.
These discussions about the sandbox between the digital asset firms and Dutch authorities are an encouraging sign. With the UK likely leaving the EU in March, the Netherlands will be one of a handful of EU member states with a regulatory sandbox in place. None of the remaining EU member states have accepted any digital asset firms to operate in their sandboxes.
The Dutch FinTech Sandbox
The Dutch regulatory sandbox, governed by the AFM and DNB, was established in January 2017. The sandbox is designed to offer FinTech firms the room for innovation, in order to allow market participants to roll out their products, services or business models.