Blockchain Project

Austria Is Planning A Regulatory Sandbox for Crypto

Austria seems to be the latest European country to have jumped on the crypto bandwagon as their finance minister Hartwig Loeger has recently talked about how the FinTech Advisory Council of the country, will work on formulating new rules for stimulating growth within the financial market dealing with digital currency and Initial Coin Offerings (ICOs).

According to reports, the finance minister has claimed that the country is working on starting a regulatory sandbox for the fintech industry. So that the industry at large can benefit from a comprehensive regulatory model. Another government official, State Secretary Hubert Fuchs explained the idea in the following terms:

“For some companies in the fintech industry, it is particularly difficult to keep track of all regulatory requirements and developments right from the start. Many of them give up and discard their business models. We want to take countermeasures against this.”

Apparently, fintech companies will be capable of testing and developing their own business models in the regulatory sandbox built by the government. This limited time thing will be ensured with the FinTech Advisory Council supervising it. As Loeger pointed out, the future plan of the regulatory sandbox is to allow innovative business models to be tested.

He also said that:

“The digitization of the financial services sector is one of the most crucial areas for the future of Austria.”

Establishing regulatory sandboxes seems to be one of the more popular strategies being undertaken by governments around the world to embrace the possibilities that are provided by the crypto industry. Now that the European Union itself is promoting the adoption and development of crypto in Europe, the crypto sector has received an additional boost. Clearly, Austria is planning to keep that flag flying high as far as crypto adoption is concerned.