Copy link
Increase text size
Decrease text size
Link copied

Utah seeks to grow fintech and blockchain sector with new regulatory sandbox

Salt Lake City, Utah.lassensurf/Pixabay

Sat, 06 Jul 2019, 17:17 pm UTC

Becoming only the second U.S. state to do so, Utah has decided to create a regulatory sandbox with focus on fintech and blockchain sectors. The only other state to do this is Arizona and in both cases, the intent is the same; growth for the local tech industry. This essentially makes Utah something of an incubator where entrepreneurs can test their products out with less red tape before hitting the bigger markets.

In a press release, Utah Representative Marc Roberts (R-Provo) expressed his excitement at the prospect of allowing tech companies to operate in the state with fewer obstacles. With the sandbox, budding entrepreneurs will have fewer regulatory hoops to jump through and thus start their operations a lot faster.

“I’m excited about Utah’s Regulatory Sandbox and the chance it will give fintech companies and entrepreneurs in Utah the chance to take innovative products and ideas to market without having to jump through the traditional regulatory hoops and licensing requirements…this is good for Utah and the future of Fintech innovation,” Roberts said.

Utah has earned a reputation for being the so-called Best State for Business due to its regulations that have been quite friendly to corporations. By launching the sandbox, it can maintain this reputation and is expected to generate quite a bit of interest from developers of nascent technologies.

This sandbox also happens to include blockchain startups, which means that Utah might just see some impressive developments in the emerging sector. As of now, California is still king due to its oversaturation of tech companies in the state.

Adopting a more hands-off approach is something that several other countries and regions have decided on, as well, Coingeek reports. Among the most notable are the UK, Singapore, and the UAE. Arizona itself has seen a staggering growth in its tech sector since adopting the approach in 2018.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,011.65 (+4.14%)
  • Ethereum (ETH) $171.92 (+2.35%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $363.52 (+1.28%)
  • Bitcoin SV (BSV) $296.60 (+4.67%)
  • Bitcoin (BTC) $9,011.65 (+4.14%)
Jan 28, 2020 (Tuesday)
04:36
Crypto Technicals: BTC/USD extends break above 200-DMA, $10,000 level in sight
04:36
Iran issues over 1,000 licenses to cryptocurrency miners: Report
04:10
Swiss banking giant Julius Baer launches digital asset services
Jan 27, 2020 (Monday)
15:51
Blockchain startup SettleMint raises €1.9M from KPN Ventures and Medici Ventures
14:05
Bitcoin Gold blockchain suffers 51% attack, $70k worth of crypto double spent
13:24
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:53
Accenture launches blockchain-based marketplace to onboard suppliers
11:50
Crypto Technicals: LTC/USD holds cloud support, shows signs of upside resumption
11:13
South Korean military taps Raonsecure for blockchain-based biometric ID solution
10:21
Indian securities regulator SEBI sees potential in blockchain technology, calls for more active research
08:22
Australian crypto exchange Independent Reserve expands to Singapore
08:05
Hawaiian lawmakers seek to allow banks to offer crypto custodial services
07:24
Crypto Technicals: ETH/USD consolidates weekend gains, break above 200-DMA (176.56) to fuel further upside
07:23
Dubai Multi Commodities Center to establish Crypto Valley to boost blockchain ecosystem
05:58
World Economic Forum announces new global consortium for cryptocurrency governance
05:15
Ukraine to block crypto wallets and seize illegally obtained assets
04:51
Lancashire Cricket and SecuTix use blockchain to improve user experience in purchasing tickets
04:33
Crypto Technicals: BTC/USD bounces off channel support, set to retest 200-DMA (8916)
Jan 24, 2020 (Friday)
12:24
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft