As published on montsame.mn, Wednesday 3 March, 2021.
Ulaanbaatar /MONTSAME/. The Financial Regulatory Commission of Mongolia has developed a draft regulation for the ‘Regulatory Sandbox’ mechanism with a view to establish legislative framework in the country to keep up with the fast pace of technological innovation and support introduction of new technology-based products, services and business models of financial service markets into the domestic market.
The Financial Stability Council, responsible for safeguarding the financial stability of the markets by determining any kind of financial risks and managing them within the current laws and regulations, has conducted discussions on the draft regulation at its regular meeting.
On March 01, the Financial Stability Council, consisting of heads of the Bank of Mongolia, Ministry of Finance, Financial Regulatory Commission and Deposit Insurance Corporation, approved the ‘Regulation for Regulatory Sandbox’.
The regulation sets out to enable testing environment designed for experimenting new technology-based products, services and business models under regulations and guidelines provided by the Financial Regulatory Commission and the Bank of Mongolia, identify criteria for participants and relationship between regulators and participants.