The Wyoming law "financial sandbox technology" seeks to strengthen the blockchain and fintech innovation
In the state parliament of Wyoming a law was introduced to establish a financial technological sandbox in order to promote innovation in this space.
Launched last week, the "Financial Technology Sandbox Act" seeks to create a financial technology sandbox for the testing of financial products and services in the state of Wyoming.
The bill found that financial technology is currently undergoing a transformation period, adding that existing legal frameworks are outdated and limit fintech innovation.
"Financial technology innovators require a controlled and flexible regulatory sandbox to test new products and services using exemptions of statutes and rules specified under defined conditions," he said.
"The state of Wyoming currently offers one of the best business environments in the United States for blockchain and financial technology innovators, and should offer a regulatory sandbox for these innovators to develop the next generation of financial technology products and services in Wyoming."
If approved, the bill will create a program that will allow a person to "make an innovative product or financial service available to consumers during a sandbox period through a waiver of existing statutory and regulatory requirements, or parts thereof, by the commissioner. or secretary. "
It is important to note that the innovative product or service to be made available to consumers in the sandbox can include those products and services that use blockchain technology, based on the invoice.
Recently, the state of Wyoming has approved a bill allowing banks to provide banking services to blockchain businesses, as reported by Bitcoin Magazine.
Earlier this month, the Governance of Medici Land, a subsidiary blockchain of Overstock.com focused on land administration, signed a Memorandum of Understanding (MOU) with Teton County, Wyoming to develop a cadastral base and an information platform in 2019.