Innovation and Law: Prospects and Trends in the Development of “Regulatory Sandboxes”

In the context of rapid digital transformation, traditional legal regulation mechanisms are often unable to respond to the modern innovative challenges in a timely manner. As a response to this problem, experimental legal regimes (EPR), or “regulatory sandboxes”, are being used in global and Russian practice. These are tools that allow testing innovative technologies and business models under controlled conditions without risking violating certain legal norms and incurring responsibility for this. The article analyzes the legal nature and objectives of EPR, established by Federal Law No. 258-FZ of July 31, 2020, as well as key areas of their application in the Russian Federation, including blockchain technologies, artificial intelligence and digital financial services. Particular attention is paid to the role of the Central Bank of the Russian Federation in the development of regulatory sandboxes in the financial sector. The authors identify existing problems with the functioning of the EPR, including fragmented legislation, risks of regulatory arbitrage, uncertainty regarding liability, and low regional engagement. In conclusion, recommendations are formulated to improve the EPR mechanism in order to increase its effectiveness as a tool for “smart regulation” in the digital economy.