Austria Contemplates Introducing Fintech Regulatory Sandbox
By Jamie Green – Crypto Dealer
The Ministry of Finance in Austria is reportedly looking into establishing a regulatory sandbox for the fintech industry. The Finance Minister Hartwig Löger states the Fintech Advisory Council will aid in the development rules to guide the cryptocurrency markets around digitised financial services. The council will also include initial coin offerings (ICOs) and those seeking to buy and sell cryptocurrency to aid their growth.
The fintech regulatory sandbox will allow companies to test and train their business models for a limited period under the supervision of the Austrian Financial Markets Authority (FMA). This initiative echoes that of the UK’s regulatory sandbox developed by the Financial Conduct Authority (FCA) for those seeking to offer services to buy and sell Bitcoin.
For companies looking to get on board with the sandbox, they will have to meet certain criteria. Applicants will need to provide a development on their business model regarding information, communication or the blockchain technology itself and more. A start-up seeking to sell and buy XRP as a brokerage or exchange could apply under the supervision of the regulatory sandbox.
Finance Minister Löger has said in the past, ‘The digitisation of the financial services sector is one of the most crucial areas for the future of Austria.’ This suggests his intent to attract innovative projects to Austria to increase adoption and entice more to buy cryptocurrency.
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