After all, what are Regulatory Sandboxes? Key characteristics and a working definition

Resum

This paper examines how regulatory sandboxes are defined in academic literature and policy documents, with the aim of clarifying the key characteristics of this regulatory tool, which has been increasingly adopted by policymakers. The assessment is performed on basis of a qualitative review of more than 40 academic publications and policy sources that together assessed more than 100 regulatory sandboxes, covering a broad range of sectors and jurisdictions, within Europe and beyond. The paper is structured in two main parts. First, it reviews and compares existing definitions of regulatory sandboxes and identifies seven recurring elements. Second, it critically examines each of these elements in light of academic and policy discussions on regulatory experimentation and innovation governance. Based on this analysis, the paper proposes a working definition of regulatory sandboxes that reflects prevailing approaches in the literature and highlights their core functional features.