The National Agency for Perspective Projects (NAPP) has launched a regulatory sandbox for investment platforms. This initiative allows investment-focused online platforms to be tested and developed under a special, more flexible regulatory framework, with government oversight.

Purpose of the New Regime

The regulatory sandbox is designed to:

• make it easier for startups and small and medium-sized enterprises (SMEs) to raise capital;

• enable investors to invest directly in projects, without traditional intermediaries;

• foster the emergence of modern digital investment services in the market.

Who Can Benefit

The new framework is relevant for:

• Investment platform operators

• Businesses (startups, small and medium-sized enterprises)

• Investors (institutional and private)

How Investment Platforms Will Operate

An investment platform is not merely a website, but a regulated system that must:

• clearly disclose investment terms and associated risks;

• enable electronic execution of investment agreements;

• record, store, and verify investors’ rights;

• process funds exclusively through escrow and/or nominee accounts;

• comply with AML/CFT financial integrity requirements;

• prevent fraud, abuse, and conflicts of interest.

Key Differences from the Stock Market

Unlike traditional capital markets, this model:

• does not require the issuance of shares or bonds;

• does not involve stock exchange listing procedures;

• involves fewer formalities and ongoing disclosure obligations;

• offers greater flexibility for early-stage and smaller projects.

Conclusion

The regulatory sandbox represents an officially authorized and regulated mechanism to:

• launch and operate investment platforms;

• attract investment into businesses;

• invest in projects through digital investment channels.