Wyoming legislators push blockchain regulation "sandbox" bill

Wyoming is continuing its efforts to attract blockchain and cryptocurrency startups, and has recently passed a bill allowing blockchain startups to operate within the regulatory “sandbox”.

The Wyoming Minerals, Commerce, and Economic Development Board unanimously passed its Financial Technology Sandbox Act on Friday. If the bill becomes law, it will authorize the state to allow startups to test new technologies and determine how they operate under existing regulatory regimes.

According to the bill, blockchain startups are also included.

Caitlin Long, co-founder of the Wyoming Blockchain Alliance, points out that the state “has established an effective regulatory approach compared to most other states.”

Long told CoinDesk that many other states in the United States “may be too strict in terms of regulation,” especially in financial services-related areas, adding:
“Wyoming’s regulatory sandbox provides innovators with a one-year alternative and can be extended for a year. This is a great opportunity for industry disruptors who want to try new things.”

Although the bill has been considered by the committee, this is only the first of the 13 steps, Long pointed out, “although it can be said that it is the most important.”

The legislative session is scheduled to end in March and she expects the entire process to be completed within that time frame.

Although the regulatory sandbox bill has crossed the first level, it will not be voted on January 18th for the Special Deposit Banking Act, which Long calls the "Signature" Act.