Bank of Lithuania

Welcome to the regulatory sandbox!

The regulatory sandbox allows potential and existing financial market participants to test financial innovations in a live environment under the guidance and supervision of the Bank of Lithuania. The participants of the regulatory sandbox will be selected according to the following criteria:

  1. Genuine innovation. The regulatory sandbox is open only for financial services, products or business models that are new to Lithuania’s market.
  2. Consumer benefit. Adoption of financial innovation will bring identifiable benefits to society, e.g. more convenient, safer and cheaper financial services, or otherwise contribute to the sustainable development of the financial market.
  3. Need for testing in a live environment. The necessity to test financial innovations in a controlled environment is objectively justified, while testing itself can contribute to the implementation of the said innovation.
  4. Readiness for testing. The financial market participant has carried out an adaptability assessment, prepared a testing plan with clear objectives, testing conditions and risk analysis, as well as allocated sufficient resources.
  5. Ambition to provide financial services in Lithuania. Financial services, products or business models, tested in the regulatory sandbox, will be further developed in Lithuania.

Submission of applications (40.5 KB download icon) to enter the regulatory sandbox opens on 15 October 2018. 

How does it work?

More information about the Bank of Lithuania’s regulatory sandbox is available here (84.4 KB download icon).


Contact person

Evelina Kvedaravičiūtė 

Financial innovations currently tested 

Company: UAB Workpower

Innovation: P2P insurance platform  

Description: The peer-to-peer (P2P) insurance platform is based on the principles of the sharing economy, where its members form groups to protect themselves against losses, make their own decisions on loss compensation using pooled funds and get back those unused.

Authorisation: Resolution No 03-116 of the Board of the Bank of Lithuania of 13 June 2019

Start of testing: 24 October 2019

End of testing: 23 October 2020 

Test results: peer-to-peer insurance services may be beneficial to consumers, however, due to the specific nature of these services, the application of the current licensing requirements would be an unreasonable barrier to the development of peer-to-peer insurance services. Therefore, the Bank of Lithuania will draw up the guidelines and establish conditions for peer-to-peer insurance activities that are proportionate to the risk related to them. It is planned to draw up the guidelines by 30 June 2021.

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Last update: 23-03-2020