Austria Considers Establishment of Fintech Regulatory Sandbox
The Ministry of Finance in Austria is considering establishing a regulatory sandbox for the fintech industry, Cointelegraph auf Deutsch reports on April 26.
The country’s Finance Minister Hartwig Loeger said that the FinTech Advisory Council which was formed by the Ministry of Finance last year will aid in the development of relevant rules to steer the “young financial market around digitized financial services,” including initial coin offerings (ICOs) and digital currencies to facilitate their growth
In the regulatory sandbox, fintech companies will purportedly be able to test and train their business models for a limited period under the supervision of the FMA. The announcement refers to the concept of a regulatory sandbox developed by the Financial Conduct Authority (FCA) in the United Kingdom and reveals that an expert from the FCA was therefore also involved in the development of the Austrian sandbox.