The Spanish government has introduced legislation to support FinTech development.
In Brief:
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A sandbox has been set up to allow businesses to trial their products with real customers.
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The first wave of applications will be opened up by the Secretary of Treasury soon.
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Applications will be looked at by the Department of Treasury, Spain’s central bank, the National Securities Market Commission, and the General Directorate of Insurance.
What does this mean?
Spain is now one of just six countries in Europe to introduce a supervised, ring fenced testing environment for innovation in the financial products space.
