Utah Launching Regulatory Sandbox for FinTech
SALT LAKE CITY — The Beehive State is launching an effort to spark innovation in the financial technology space.
The Utah Department of Commerce Tuesday announced the start of the nation’s second regulatory sandbox based on legislation passed by Utah lawmakers. HB378 permits financial technology companies to apply for a special exemption when setting up a business. According to a news release, Utah’s program allows participants to temporarily test new financial services or products on a limited basis without otherwise being licensed or authorized to act under Utah law.
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