ARTICLE: Central Bank of Brazil approves first cycle of regulatory sandbox

The Central Bank of Brazil, by means of Resolution BCB No. 50, of December 16, 2020, approved the first cycle of regulatory sandbox, an environment in which entities are authorized to test, for a specific period of time, innovative projects in the financial or payment sectors. Applications for the selection of projects may be submitted to the Central Bank between February 22nd and March 19th, 2021.

The first cycle will last for one year and may be extended for an equal period. The activities will start five (5) working days as of the publication of the results.

The Central Bank’s strategic priorities are projects aiming at: (i) solutions for the foreign currency exchange market; (ii) fostering the capital markets through mechanisms of synergy with the money market; (iii) promoting credit for microentrepreneurs and small businesses; (iv) solutions for the Open Banking; (v) solutions for the Instant Payments Arrangement (Pix); (vi) solutions for the rural credit market; (vii) solutions to increase competition in the Brazilian Financial System and in the Brazilian Payment System; (viii) financial and payment solutions with potential effects of stimulating financial inclusion; and (ix) fostering sustainable finance.

Those interested in applying to the sandbox shall comply with the rules for preventing money laundering and combating the financing of terrorism, besides the rules of the Central Bank regarding handling of customers’ and users’ complaints. They shall also make it clear to their customers that the product or service is being developed in a regulatory sandbox environment.

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