The advent of new technologies, such as blockchain, has created a set of potential opportunities, still not fully tapped, in financial markets. At the same time, technological innovation in financial services (FinTech) has led to the emergence of numerous initiatives that, on a small scale, offer flexible online solutions, personalized and immediate service, and cost reductions. FinTech players already occupy a relevant space in the financial digitization process. However, the speed of financial innovation far exceeds the regulatory response, which poses the challenge of making innovative solutions compatible with the existence of adequate safeguards and guarantees. In this context, the May issue of SEFO, Spanish and International Economic & Financial Outlook, focuses on recent developments in the digitalization of financial markets and their potential implications for Spain. First, we assess the evolution and dimensions of the crypto assets economy. Next, we explore a relatively novel concept that allows for controlled development of financial innovation – the regulatory ‘sandbox’.