Designing trustworthy national models of the regulatory sandboxes in Russia and India: a viewpoint
https://doi.org/10.30729/2541-8823-2024-9-3-129-144
Abstract
Despite the emergence of research articles in the sphere of regulatory sandboxes, there is no research devoted to the comparison of the national models of regulatory sandboxes, issues of these models, especially in correlation to the implementation of the trustworthy approach. This paper aims to define the anomalies of the national models of the regulatory sandboxes in India and Russia, to determine the issues of these models which could be overcome by proper regulation based on a trustworthy approach. These countries were chosen because of their long-standing partnership in mutual developing economies and ICT, aspiration to develop digital technologies and similar levels of development of the digital economy and legislation on regulatory sandboxes. Comparative legal analysis of the legislation on regulatory sandboxes across the world and literature allowed the combination of general features of the sandboxes and their subsequent application in defining the peculiarities of regulatory sandboxes in India and Russia. Formal legal analysis and modelling method allowed us to form national models of the regulatory sandboxes and make some recommendations to increase societal trust in these efficient tools of smart and agile governance. The features of the general model of the regulatory sandboxes, applied across the world, and the peculiarities of the regulatory sandboxes in Russia and India are defined. The author proves the necessity to upgrade the national legislation on the regulatory sandboxes by setting up transparent eligibility criteria, establishing a flexible testing period and a set of measures for the protection of potential customers and counterparties. Recommendations for the improvement of national models of the regulatory sandboxes given in the article will increase the quality of the regulation and the level of social trust in regulatory sandboxes in Russia and India. The results achieved in this research article could be used in the law-making process in establishing regulatory sandboxes across the world and for further research of this promising mechanism of smart regulation.
About the Authors
E. A. Gromova
South Ural State University (national research university)
Russian Federation
Russian Federation
Elizaveta Gromova — Ph.D. (Law), Associate Professor, Deputy Director of the Law Institute on international activity, Associate Professor, Department of Entrepreneurial, Competition and Environmental Law, South Ural State University
78, Lenina Prospekt, Chelyabinsk, 454090
D. B. Ferreira
South Ural State University;
AMBRA University;
Brazilian Centre for Mediation and Arbitration
Brazil
Brazil
Daniel Brantes Ferreira — Ph.D., Senior Researcher, National Research South Ural State University (Russia), Professor, AMBRA University (USA), CEO, Brazilian Centre for Mediation and Arbitration (Rio de Janeiro, Brazil)
Avenida Raimundo Magalhães Júnior 300 Bloco 3 Apt 208, Barra da Tijuca, Rio de Janeiro, RJ 22793-050
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Review
For citations:
Gromova E.A., Ferreira D.B. Designing trustworthy national models of the regulatory sandboxes in Russia and India: a viewpoint. Kazan University Law Review. 2024;9(3):129-144. https://doi.org/10.30729/2541-8823-2024-9-3-129-144
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