The Wyoming House Committee on Minerals, Business, and Economic Development have given a green flag to the Sandbox Bill. The developments taking place were reported by the president of the Wyoming Blockchain Coalition, Caitlin Long through a tweet on January 11.
Section 1 of the HB0057 – Financial technology sandbox states:
“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.”
The bill puts front that the sphere of financial technology is continuously evolving with new technologies which are providing seamless, self-regulating and transparent financial services.
The current legal structure is restraining the innovation in this sphere largely due to the fact that this legal structure was principally established at a time when technology was still in its infancy stages.
The current scenario of financial technology innovation requires a well administered, flexible and supervisory sandbox to experiment with new products and services available in the sphere to technology.
To enhance the growth of businesses, a jurisdiction backed by regulatory sandboxes are required to provide a welcoming business atmosphere for technology innovators.
Sandbox provides a one-year alternative for financial technology innovators and can be extended for a second year. This gives a lot of runway for businesses looking to try new things.
If this bill gets passed into law, it would empower the state to allow startups to experiment with the new technologies and ascertain about their functionalities within the bounds of the existing regulatory administrations.
Arizona, Illinois, and the United Kingdom are taking their steps towards a sandbox regulated jurisdiction for the financial technology innovators.
Even though the bill has been approved, Caitlin Long elucidates that this will only be one of the thirteen steps involved. Long says that this approval is the most crucial step for this bill.
The legislative session is anticipated to end sometime in March of this year. She believes that the whole procedure could be finished within the given timeframe.
The State of Wyoming, in the US, stays as a benchmark for other regions of the North American country and the world by espousing blockchain technology through its startups and cryptocurrency projects.
Will the Sandbox Bill help the financial technology innovation bloom in Wyoming? Let us know your thoughts in the comments section!