CVM Instruction 626 takes effect on 6/1/2020. "The sandbox proved to be an adequate mechanism for fostering innovation and competition in regulated markets, as can be seen in international experience. We hope that in Brazil, the sandbox also attracts companies that, based on new technologies or the innovative use of existing technologies , produce positive results for users of products and services in the capital market, with gains for the entire market environment ", said Marcelo Barbosa, president of CVM. The participant admitted to the sandbox will receive temporary authorization to develop their innovative business model, and may receive exemptions from regulatory requirements to reduce the burden of compliance with current rules established by the Municipality. "CVM Instruction 626 marks the beginning of a new stage in the development of the Brazilian capital market, in which the CVM will have tools to enable and foster innovative business models in activities regulated by the Autarchy. We hope to start, soon, the first process of admission of participants. ”- Antonio Berwanger, superintendent of market development (SDM). The participant will be continuously monitored by the CVM throughout the trajectory, providing mutual learning and opportunity for timely action by the regulator, if necessary.

https://www.latamfintech.co/articles/cvm-launches-rules-for-regulatory-sandbox-in-the-brazilian-capital-markets