Copy link
Increase text size
Decrease text size
Link copied

Wyoming ‘financial technology sandbox’ bill seeks to boost blockchain and fintech innovation

Wyoming State Capitol Building in Cheyenne, WY (Shutterstock)

Mon, 31 Dec 2018, 04:41 am UTC

A bill has been introduced in Wyoming’s state legislature to establish financial technology sandbox in order to boost innovation in this space.

Introduced 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 noted that financial technology is currently undergoing a transformational period, adding that the existing legal frameworks are outdated and restricting fintech innovation.

“Financial technology innovators require a supervised, flexible regulatory sandbox to test new products and services using waivers of specified statutes and rules under defined conditions,” it 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 passed, the bill will create a program which will allow a person to “make an innovative financial product or service available to consumers during a sandbox period through a waiver of existing statutory and rule requirements, or portions thereof, by the commissioner or secretary.”

Importantly, the innovative product or service to be made available to consumers in the sandbox may include those products and services that utilize blockchain technology, according to the bill.

Recently, the state of Wyoming passed a bill that allows banks to provide banking services to blockchain firms, Bitcoin Magazine reported.

Earlier this month, Medici Land Governance, a blockchain subsidiary of Overstock.com focused on land administration, signed a Memorandum of Understanding (MOU) with Teton County, Wyoming to develop a blockchain-based land records and information platform in 2019.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,526.38 (-1.47%)
  • Ethereum (ETH) $236.09 (-2.65%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $242.58 (-3.00%)
  • Bitcoin SV (BSV) $194.95 (-2.80%)
  • Bitcoin (BTC) $9,526.38 (-1.47%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft