Arizona Commerce Authority via TwitterArizona has become the first state in the U.S. to adopt a “regulatory sandbox” to shepherd the development of new emerging industries like fintech, blockchain and cryptocurrencies within its borders. The law will grant regulatory relief for innovators in these sectors who desire to bring new products to market within the state. “With the signing of H.B 2434, Arizona will become the ultimate sandbox for the development of Fintech,” Ducey wrote on Twitter once it became official. We're going to be the first in the state to embrace it,” he said at an event hosted by the Arizona Commerce Authority, a business group. Countries including the United Kingdom, United Arab Emirates, Singapore, Australia, Canada and others have implemented sandboxes of their own in an attempt to attract entrepreneurs build local fintech ecosystems.

Source: Forbes March 23, 2018 16:41 UTC