The state of Arizona has launched the first-ever financial technology (FinTech) sandbox in the United States in a bid to find new ways for economic growth and jobs opportunities, the Arizona Attorney General’s Office said on Friday. Cryptocurrency and blockchain startups can also apply to trial their ideas in a friendly regulatory environment if they meet several criteria.
Distributed ledger technology (DLT) companies should provide new FinTech products or services if they want to utilize the sandbox. Arizona defines FinTech as innovations in banking, payment systems, or investment advice. Crypto newcomers that target securities trading as defined in state and federal laws, insurance products, or services that provide solely deposit-taking functions are not welcome.
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