Utah is following in Arizona’s lead in launching a regulatory sandbox to allow fintech startups to test new products or services without first obtaining state licenses.
Utah anticipates applications from small companies that operate lending, money transmission or blockchain or virtual currency-based services, according to a July 2 statement from the Utah Department of Commerce.
Regulatory sandboxes are generally intended to encourage new businesses to launch in a state without subjecting them to a lengthy and costly licensing process.
The department, which began accepting applications July 1, will oversee the program. Sandbox participants must agree to limited testing of products...