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Regulatory Sandboxes for IT Companies
January 29, 2019 09:36


(Source: https://www.augurs.in/web-designing-and-development-services-london-uk)

The authorities are developing “legal sandboxes” for IT companies. The Ministry of Economic Development has developed a draft law “On experimental legal regimes in the field of digital innovations”, providing for the creation of a new legal regime for the introduction of technologies that are not regulated by existing legislation.

Find more about Russian laws and consult our attorneys.

The Center for Strategic Research and the Skolkovo Foundation took part in the development of the document.  The agency proposes to create "regulatory sandboxes" for the blockchain, neurotechnology, robotics, systems based on big data, wireless communications, etc.

Earlier, Deputy Prime Minister Maxim Akimov pointed out that there is a  need to “create a space where one can do something that is not quite allowed for now”, sandboxes will become such an environment.

It is noted that now the development of new technologies is hampered by the imperfections of the legislation - existing laws do not always take into account their features.

 

The Ministry of Economic Development believes that the creation of an experimental regime will reduce legal uncertainty and reduce costs, as well as accelerate the entry of new technologies into the market.

In addition, we recall that in order to support IT business, the Ministry of Digital Development (Ministry of Communications and Mass Communications) proposes to establish a preferential lending rate for companies that are engaged in information technology.

The agency proposes to subsidize credit institutions half the rate on loans that such companies take. To start the support program, the department needs to develop a government regulation that defines the rules for selecting banks and companies for soft loans.

Such an act can be adopted in the first quarter of 2019. Funds pledged to the federal budget in the framework of the development of the digital economy will allow IT companies to take out loans for 146 billion rubles over three years. 

In the general sense, the regulatory sandbox is a special mode that allows companies to test innovative financial services and products without the risk of violating existing legislation. New technologies and projects very often have legal restrictions. They may not fully or partially comply with the laws, or there may be no regulation in this area, due to which a potentially successful business will become impossible.




Author: Anna Dorozhkina

Tags: Russian business Russian companies Russian economy   

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