Break the seal? Arizona Attorney General opens applications to the first Fintech sandbox




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Arizona's Wild West is now officially open to a new type of fintech company

After working closely with the legislature to develop a special law that allows financial technology startups to experience fewer regulatory burdens, the attorney general is now accepting company requests fintech, blockchain , mortgage companies and others.

But if a recent report for the US Treasury Department is an indication, this sandbox may just be the first of many across the country.

"Today is the first day, "said Arizona attorney general Mark Brnovich, who has had the position since 2015." He is alive. "

The sandbox is being implemented under strict conditions qualified in March when the governor of the Republican state Doug Ducey signed & nbsp; housing bill 2434, which was initially sponsored by the Republican representative, Jeff Weninger. Then, at the beginning of this week, the first Fintech report commissioned by US President Donald Trump recommended that "federal and state financial regulators establish a unified solution that coordinates and accelerates measures regulation ", giving reason to the belief that the measure of Arizona could set a broader trend.

While the startups selected to participate in the sandbox will still be required to comply with federal regulations, the sandbox is designed to allow startups with less than 10,000 customers to experiment with less state requirements. have a two-year limit, with an optional one-year extension for qualified companies.

Brnovich says that, in addition to federal regulations, the sandbox startups have to comply with the laws on the use of Arizona, present a business plan, a technology test plan, estimate a time to market and open their registration books.

"For me, this actually provides more protection for consumers," said Brnovich.

Already Delaware, Illinois and Wyoming have designed their strategies to attract investments in financial innovation, including blockchain. But Arizona seems to be the first state to accept the demands of a regulatory sandbox.

"We want to get some of that capital going in and out of Arizona," Brnovich said. "At the end of the day investments increased, it turns into an increase in employment."

Initially announced at the start of this year, some potential applicants had expressed concern that the sandbox designed to reduce the time and money needed to go to the market could actually lead to greater vulnerability to stolen business secrets, according to the Advocate General.

As a result, the sandbox also includes an arrangement for unconventional forms of record keeping designed to provide a "safe harbor" for startups to remain compliant with the terms of the sandbox, while retaining their intellectual property.

"It's done in a way that does not jeopardize competitive advantage," said Brnovich.

Arizona is already home to the initiation of the cryptocurrency Dash, and blockchain provides cha in starting Sweetbridge, with more traditional fintech companies including Repay Inc. and Early Warning.

In addition to increasing competition in the United States, the attorney general has highlighted similar sandboxes in the United Kingdom, Singapore and other parts of the world, designed to capitalize on the recent explosion of financial technology improvements.

"Arizona has always had robust Western individuals, people are not afraid of being themselves, they live and let the prospect live," said Brnovich. "It's an entrepreneurial spirit that has driven people here."

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Arizona's wild west is now officially open to a new type of

After working at Close contact with the state legislator to develop a special law that allows financial technology startups to experience fewer regulatory burdens, the attorney general is now accepting requests from fintech companies, blockchains, mortgage companies and more. [19659004] But if a recent report by the US Treasury Department is indicative, this sandbox may just be the first of many across the country.

"Today is the first day," said the attorney general of the Arizona Mark Brnovich, who had the position since 2015. "It's live."

The sandbox is implemented under conditions established in March when the governor of the republican state ano Doug Ducey signed the bill 2434, which was sponsored by the Republican representative, Jeff Weninger. Then, at the beginning of this week, the first Fintech report commissioned by US President Donald Trump recommended that "federal and state financial regulators establish a unified solution that coordinates and accelerates regulatory measures," to the belief that the measure of Arizona could set a broader trend.

While the startups selected to participate in the sandbox will still be required to comply with federal regulations, the sandbox is designed to allow startups with less than 10,000 customers to experiment with less state requirements. The selected startups will initially have a two-year limit, with an optional one-year extension for qualified companies.

Brnovich states that, in addition to federal regulations, the sandbox startups have to comply with the laws on the use of Arizona, present a business plan, a technological testing plan, an estimated time to market, and open their registration books.

"For me, this actually provides greater consumer protection," said Brnovich.

Already, Delaware, Illinois and Wyoming have designed their strategies to attract investments in financial innovation, including blockchain. But Arizona seems to be the first state to accept the demands of a regulatory sandbox.

"We want to get some of that capital going in and out of Arizona," Brnovich said. "At the end of the day investments increased, it turns into an increase in employment."

Initially announced at the start of this year, some potential applicants had expressed concern that the sandbox designed to reduce the time and money needed to go to the market could actually lead to greater vulnerability to stolen business secrets, according to the Advocate General.

As a result, the sandbox also includes an arrangement for unconventional forms of record keeping designed to provide a "safe harbor" for startups to remain compliant with the terms of the sandbox, while retaining their intellectual property.

"It's done in a way that does not jeopardize competitive advantage," said Brnovich.

Arizona is already home to the initiation of the cryptocurrency Dash, and blockchain provides cha in starting Sweetbridge, with more traditional fintech companies including Repay Inc. and Early Warning.

In addition to increasing competition in the United States, the attorney general has highlighted similar sandboxes in the United Kingdom, Singapore and other parts of the world, designed to capitalize on the recent explosion of financial technology improvements.

"Arizona has always had robust Western individuals, people are not afraid of being themselves, they live and let the prospect live," said Brnovich. "It's an entrepreneurial spirit that has driven people here."


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