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SANDBOX REGIME AND İTS İMPACT ON FİNANCİAL MARKETS
T. H. Rustamov
1
, K. R. Tagiyev
2
, G. M. Mahmudova
3
, S. I. Isayeva
4
1
PhD student, ISRER,
2
PhD student, senior research fellow, ISRER,
3
leading legal consultant, Central Bank of the Republic of Azerbaijan,
4
legal consultant, Central Bank of the Republic of Azerbaijan,
1
tamerlanrustamov@gmail.com;
2
xstagiyev@gmail.com;
3
gunay.mahmud@outlook.com;
4
isayeva.sabina@yahoo.com
Abstract
The main purpose of the study is to reveal the sandbox regime (regulatory test regime)
and its characteristics, as well as possible areas of impact on financial markets to
develop the fintech ecosystem against the background of deepening digital transfor-
mation.In addition to the disclosure of best international practices, the method of lo-
gical generalization was applied in the research.The study contains the main objectives
of the application of the sandbox regime and their analysis in order to expand the
application of innovative technologies and solutions in financial markets.It also exa-
mines the legal regulation of the sandbox regime and international best practices in
this area, the possible impact of this regime on financial markets, as well as the posi-
tive trends and the main types of risks associated with the implementation of the re-
gime.As a result of the research, the impact of the sandbox regime on the financial
markets was announced, and proposals were made for the application of this regime in
our country.The limitation of the research is that it requires practical information on the
impact of the sandbox regime on local financial markets.The practical significance of
the research is to study the role and importance of the sandbox regime in the deve-
lopment of the fintech ecosystem, to analyze the impact on financial markets, as well as
to choose the most suitable solution for the development of this field in our country.
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