Saturday, October 1

Regulation already in place to adopt Sandbox mechanisms in Colombia By CoinTelegraph

© Reuters. There is already regulation to adopt Sandbox mechanisms in Colombia

The Colombian entrepreneurship ecosystem received great news regarding its strengthening and development of innovation, given that on December 16 Decree 1732 of 2021 was approved, which regulates article 5 of the Entrepreneurship Law, with a Article related to exploratory regulation mechanisms for innovative business models in regulated industries and special surveillance and control environments, Sandbox. This was reported by the Ministry of Commerce, Industry and Tourism of Colombia.

Sandboxes or ‘regulatory sandboxes’ as they are also known, are spaces for flexibilization of existing regulations that create experimental environments for the development of innovative business models. These mechanisms arise due to differences in the development times of technological innovations and the development of regulations and regulations in the countries.

And with this decree, they mention from the Ministry of Commerce, these spaces are defined as “a type of exploratory regulatory mechanism that allows companies to test innovative products, services and business models, without immediately incurring all the normal regulatory consequences of participate in the corresponding activity ”.

Read the full article on Cointelegraph

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