The US state of Utah has launched a regulatory sandbox to help businesses launch operations in the region.
Utah Department of Commerce and Utah Representative Marc Roberts revealed the launch of the sandbox, making it the second state to establish one.
FinTech companies will be able to apply for a special Utah exemption when setting up business and will allow them to temporarily test their products and services without a license or authorisation, for a limited basis.
Applications can be made through the Utah Department of Commerce.
Utah Rep. Marc Roberts said, “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 which can be burdensome and costly. This is good for Utah and the future of FinTech innovation.â€
Arizona was the first to launch a regulatory sandbox back in July 2018 and has since received a lot of interest from FinTechs.
Utah Department of Commerce executive director Francine A. Giani said, “The Utah Department of Commerce is looking forward to rolling out another innovative program to support the growing financial technology industry. This regulatory sandbox legislation is another reason why Utah is consistently ranked one of the Best States for Business by Forbes.â€
