Financial technology sandbox bill introduced in State of Wyoming

Legislators in the US State of Wyoming introduced a bill entitled the "Financial Technology Sandbox Act" days before the beginning of 2019. The purpose of the Act is to stimulate blockchain and financial technology ("FinTech") innovation and marks the latest of a series of bills introduced and passed this year to support FinTech and blockchain development which include specific regulatory and tax exemptions.

The Wyoming sandbox provides for an initial two year testing period (with the potential for a third year) under which "limited waivers of specified statutes and rules under certain conditions" are authorized for the testing of financial products and services within the State. Sandbox eligibility requires a "physical presence" in Wyoming along with a USD 500 fee, with a decision on an application to be made within 90 days by the state banking commissioner or secretary of state.

A consumer protection bond of no less than USD 10,000 is also required, with the amount determined by the risk exposure identified with the FinTech innovation sought to be introduced. Other specific requirements, processes and disclosures for participants in the FinTech sandbox are enumerated within the Act.

The status of the Bill as of December 28, 2018 was the assignment of a bill number by the Wyoming Legislative Service Office.

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