The second round of sandbox fintech Spanish starts walking. On this occasion, only four projects have finally been admitted in this soft regulation tool compared to the 13 presented while the call was open.
Despite the fact that the number of admitted has been significantly lower than in the original call, the truth is that the acceptance rate has been higher. According to the figures provided by the General Secretariat of the Treasury, this time 30.8% of the candidatures have achieved final acceptance compared to 27% in the inaugural round.
Of the admitted projects, two will be subject to the control of the National Securities Market Commission (CNMV). Another will be subject to the supervision of the Bank of Spain and the remainder will be a matter of the General Directorate of Insurance and Pension Funds, which remains as well as the institution that will have to supervise the fewest initiatives.
The name of the latter is Pension Space, linked to the field of pensions. The project called ContractID_2021_10_13, linked to systems for registering contracts by financial entities.
One of the projects that will be subject to the CNMV seeks to create a market for tokens for the financing of new innovative companies. The so-called ‘Secondary Market for Emerging Companies (Equity Token Offering Y Debt Token Offering) ‘comes just after the approval of the long-awaited Startups Law with which the Government intends to energize this leading segment.
The second is named ‘Creation of an investment vehicle in decentralized loan protocols‘. Behind this are the fund manager Imantia and the Madrid firm specializing in the custody of crypto assets Onyze. As both explained this Monday, this project “consists of the creation of the first decentralized finance fund (DeFi) for loans.”
In this sense, they advance that “the fund’s policy will be to invest in the decentralized loan market through stablecoins“, which allows minimizing the prevailing volatility in the environment of the cryptocurrencies since the value of these is linked to the dollar or other fiat currencies.
The promoters of the project have already advanced that the objective of the fund in terms of profitability will be the interest rate generated in the loan market of stablecoins. In addition, they point out that away from the negative types of traditional financeThese protocols generate returns of “between 5% and 10% interest.”
The business development director of Imantia, Mario Díaz, has emphasized the objective that “the underground economy accessible to investors “once the first digital assets, such as bitcoin, have already been consolidated. While Álvaro Alcañiz, co-founder and COO of Onyze has pointed towards the” broad spectrum of financial products that are emerging from the hand of this new generation of digital assets “
With the publication of the new projects admitted in the sandbox, begins the negotiation period between the competent financial supervisor and the promoter of each of them for the establishment of the protocol that will govern the testing period. As already established, the maximum period for this will be three months. If an understanding is not reached at this point, unless an understanding is establish an extension of deadlines, the project would be out of the sandbox.
Follow the topics that interest you