To be a part of the Sandbox, a company needs to fulfill certain requirements (Art. 188.8.131.52.1):
- The technological development must operate to fulfill any of the purposes described in Art. 184.108.40.206.3 (mentioned above).
- The technological development shall be ready to use immediately after receiving the Certificate of Temporary Operations.
- All services shall be provided in Colombian territory.
Colombia’s Superintendencia Financiera will establish general restrictions and parameters to allow each technological development’s admission into the Sandbox.
To request a Certificate of Temporary Operations, the technological developments will have to comply with a list of requirements, some of which include a business model with the definition of the product, its goals and objectives, also a description of which technological tools will be used, its policies and procedures. (Art. 220.127.116.11.2)
Once the Superintendencia Financiera has reviewed and approved the application for the Certificate of Temporary Operations (for a max. 2 year term), the participants will be able to start the development under certain conditions including: the requirements disclosed in Art. 18.104.22.168.2, warranties to cover any possible damages, and a complete and transparent information report to the Superintendencia Financiera amongst other things. (Art. 22.214.171.124.5)