Alberta is proposing rules that would make it easier for entrepreneurs to test products in the emerging field of cryptocurrencies and online banking.
Finance Minister Travis Toews says Bill 13, the Financial Innovation Act, that is before the legislature calls for setting up what is known as a regulatory “sandbox.” Companies would be allowed to temporarily break or ignore select financial rules and regulations under close government supervision to test new programs.
Companies would also be able to get access to Albertans’ private information, but only within strict parameters and only with that person’s permission. Read more: Fintech credit card space is growing.
Here’s what you should know Toews says the “sandbox” is being used in the United States, Australia and the United Kingdom to help create tech jobs and to keep those regions on the cutting edge of financial technology.