“Against the background of rapid development of digital technologies and their application in financial services, the Financial Supervision Commission adopted a Strategy for Monitoring Financial Innovations in the Non-Banking Financial Sector for the period 2021-2024. It is also a logical response to the growing need for an adequate legal framework, as well as a basis for building a stable financial environment.”- said in the presentation of the Strategy Boyko Atanasov, Chairman of the FSC.

In the adopted Strategy, the Financial Supervision Commission focuses on four main objectives to address: analysis of the need to introduce requirements for licensing or registration regime of persons offering innovative financial products and / or services and technologies to the non-banking financial sector, as well as development of specific requirements, analysis of the need for regulatory framework for outsourcing services, incl. cloud services and taking appropriate regulatory measures to ensure security, stability of the financial services market and protection of consumers of financial services, development of the existing innovation hub and last but not least monitoring the development of sandbox regimes and outlining follow-up with its possible implementation by the regulator.

According to Mr. Boyko Atanasov, Chairman of the FSC, the Strategy for Monitoring the Financial Innovations of the FSC for the period 2021-2024 continues, but also builds on the tradition of the previous strategy, outlining in the long run the directions in which the FSC would be committed to developing its supervisory activities and seeking the harmonization of national regulatory frameworks and practices in the field of financial innovation at European Union level.