Design and operation of regulatory sandboxes in the UK and experiences for Vietnam

Abstract

This paper studies the regulatory sandbox framework in the United Kingdom, which is regarded as the global’s pioneer for adopting such a mechanism. Through an in-depth analysis of the development and operation of the UK sandbox, the paper evaluates its successes, limitations, and challenges, offering valuable insights and experience for Vietnam, such as in developing a law or a decree on sandboxes, identifying fields where sandboxes are appropriate, clarifying which aspects of sandboxes are suitable for different industry, publicizing the trial process, promoting cooperation between state agencies and enterprises, developing a transparent reporting regime after the completion of sandbox processes, ensuring resources for the operation of sandboxes, focusing on inter-sectoral cooperation and international cooperation.