India has announced today that the regulators have set out a framework for fintech regulatory sandbox designed to help firms experiment in a live environment. The sandbox will let established players and startups in the banking, capital markets and insurance sectors test products and services in a live environment with a limited number of real customers for a set time frame.
Back in June 2020, Ripple released a paper titled “The Path Forward For Digital Assets Adoption In India”
From this document we can see that Ripple recommended that the Indian regulators create a legal framework for digital assets at the Gujarat International Finance Tec-Coty (GIFT).According to Finextra, India will set up an innovation sandbox, that will let fintech firms test their technology in isolation from the live market but based on real market-related data. The sandbox is being run by the International Financial Services Centres Authority (IFSCA), which was set up by the Indian government this year. The IFSCA has been tasked with developing a world class fintech hub at an Indian smart city in Gandhinagar called the Gujarat International Finance Tec (Gift) City. The new sandbox will operate within the IFSCA in Gift City.
India, is developing a world class fintech hub at GIFT and moving towards the adoption of digital assets.