State of Utah Department of Commerce announced earlier this month it is launching a regulatory sandbox specifically for fintech startups in the state.
According to Francine A. Giani, Executive Director of the Utah Department of Commerce and Utah Representative Marc Roberts (R-Provo), the government service will provide financial technology companies the opportunity to apply for a special Utah exemption when setting up business. Utah’s Regulatory Sandbox program also allows participants to temporarily test innovative financial products or services on a limited basis without otherwise being licensed or authorized to act under Utah State law.
Speaking about the program, Roberts stated:
“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.”
Giani went on to add:
“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.”