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Payments General

Arizona fintech sandbox starts accepting applications

Friday 17 August 2018 | 09:35 AM CET

Arizona has become the first state in the US to create a “regulatory sandbox” program to facilitate the development of financial products and services.

The products and services would incorporate new or emerging technology or reimagine uses of existing technology. The program would exempt participants from certain state financial regulations, but not federal requirements.

On August 3, 2018, the fintech sandbox went live and began accepting applications.

The sandbox is the result of legislation signed into law in March 2018 that authorises the state’s attorney general to create and administer the program. The Arizona Attorney General will allow approved fintech companies to engage in the testing of products and services on up to 10,000 state residents (and as many as 17,500 residents in some instances) and for up to two years (with the possibility of an additional one-year extension) without additional licensing.

Eligible products or services may include credit-extending services, such as peer-to-peer lending and online marketplace lending, products and services for money transmission and investment management, and blockchain or cyptocurrency products or services.

More: Link
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