Regulatory Alerts2025-05-23 | 125/04Regulation on the Creation and Use of a Regulatory Sandbox Framework by the National Bank of Georgia
The National Bank of Georgia issued Order No. 125/04 to approve a new regulatory framework allowing supervised entities to test innovative financial services and products that conflict with existing rules. The process requires applicants to demonstrate technological novelty and consumer benefits, followed by a structured testing phase comprising idea validation, proof-of-concept, and live environment trials. Successful completion allows for the lifting of regulatory restrictions and potential integration of new requirements, while failures trigger mandatory exit plans to protect client interests and system stability.
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