Digital transformation of industries and markets creates conditions of high uncertainty for activities and decision-making for both innovators and regulators. This was reported by the press service of the Eurasian Economic Commission.
According to the EEC, the first expert meeting was held to discuss the creation of a system of regulatory sandboxes in the Eurasian Economic Union.
As stated in the information, this is especially acute at the integration level. In new industries and in new markets, countries often establish certain regulatory approaches, not being able to assess their impact on real economic processes within the state and in the common markets of the EAEU.
The regulatory sandbox in the Union should become an environment for experimentation and modeling. It can create a temporary regulatory framework to reduce the risks of testing for pilot projects, build closer interaction between regulators and innovators, share experiences, best practices and approaches.
At the exit, the regulator will receive approved and working “models” of legal regulation, the initiator – the pilot of the project, tested in the legal field and in real or close to real market conditions, as well as reduction of piloting costs due to access to data, infrastructure and expertise.
“The effects of the use of sandboxes can be quite noticeable – reducing the time for piloting projects in the Union almost twice; reduction of costs for business and the state as a result of the identified risks, elimination of legal gaps, and, as a result, more correct allocation of resources, ”said Alexander Petrov, project manager for digital transformation at ECE.
The experts also noted that the “sandbox” could be a tool for testing approaches for the transition of the regulatory framework to the digital format through algorithms, ontologies, data models.
Following the meeting, the participants suggested starting the preparation of a draft agreement on regulatory sandboxes in the EAEU, which will allow their application in the legal field of the Union. Material taken from Tazabek
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