Bank of Uganda Adopts Regulatory Sandbox Framework – A Fintech Company Already Approved – Emerging Markets Bitcoin News

The Bank of Uganda (BOU) has announced the introduction of a regulatory sandbox that will allow fintech startups to test their innovative financial solutions in a controlled environment. One company, M / S Wave Transfer Limited, has already received approval to test its Quick Response (QR) technology under this sandbox agreement.

BOU introduces regulatory sandbox for fintech

In its June 15 statement, the BOU says it is now inviting more companies to develop and test their financial innovations in this context. In the meantime, the BOU declaration also explains why the central bank decided to introduce the sandbox. The statement explains:

The Regulatory Sandbox Framework will drive innovation in financial services, attract capital and funding for fintech companies, and provide shared learning opportunities for innovators and regulators. This is intended to promote the adoption of electronic payments, digital financial services, and financial inclusion in general.

In the meantime, in accordance with an ordinance of the Ugandan government dated March 5, 2021, the BOU will “conduct an aptitude test for each material shareholder, director or manager of the applicant”. In addition, the central bank will also determine whether “an applicant meets the criteria and minimum requirements for running a sandbox”.

Decisive factors that the BOU will consider under the ordinance include whether the innovation is genuine or whether the sandbox offers consumer benefits and guarantees. The central bank will also review the readiness of the sandbox to test and the suitability of the exit plan.

Meanwhile, the legal document states that fintech startups wishing to be included in the regulatory sandbox framework will have to pay an application fee of around $ 290 (one million Ugandan shillings).

What do you think of the introduction of the regulatory sandbox framework by the BOU? Do share your views in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



source https://bidsfor.me/bank-of-uganda-adopts-regulatory-sandbox-framework-a-fintech-company-already-approved-emerging-markets-bitcoin-news/

Comments

Post a Comment

Popular posts from this blog

‘Doctor Bitcoin’ pleads guilty to operating an illegal crypto exchange in the US and faces 5 years in prison – regulation Bitcoin News

A Texas man who calls himself “Doctor Bitcoin” pleaded guilty to having operated an illegal cryptocurrency exchange business converting cash into Bitcoin. He faces five years in federal prison. Crypto Exchange Operator pleads guilty The US Department of Justice (DOJ) announced Tuesday that a Texas resident, Mark Alexander Hopkins, pleaded guilty to “illegally engaging in a business converting cash into cryptocurrency.” The 42-year-old man, who calls himself “Doctor Bitcoin,” pleaded guilty to running an unlicensed money transfer company. Acting US attorney Prerak Shah in detail: This defendant ignored federal law and allowed scammers to use Bitcoin to operate under the radar of law enforcement. We are determined to rid the Bitcoin market of anyone who knowingly helps criminal actors hide illegal profits in crypto wallets. Hopkins admitted to running a cryptocurrency exchange business and converting US dollars into cryptocurrency, primarily Bitcoin, for a fee. He also admitted...
Read more

Payments Giant NCR brings Bitcoin trading to 650 US banks and their 24 million customers – Finance Bitcoin News

Payment giant NCR and New York Digital Investment Group (NYDIG) are working together to enable 650 U.S. banks to offer Bitcoin trading to their 24 million customers through their mobile applications. 24 million customers from 650 Main Street banks could soon have access to bitcoin trading New York Digital Investment Group (NYDIG) said Wednesday when 650 banks and credit unions in the US will soon be able to offer Bitcoin trading to their customers via their mobile applications. The Bitcoin option is made possible through a collaboration between NYDIG and corporate payments giant NCR. NYDIG is a bitcoin technology and financial services subsidiary of Stone Ridge, a $ 10 billion alternative asset manager. NCR digital banking president Douglas Brown was quoted by Forbes as saying: We strongly believe in the benefits of crypto and its strategic application. And that goes for our banking relationships, as NYDIG proves, and for retailers and restaurants and the like. Founded in 1...
Read more

These are the 5 Most Expensive Crypto Economics Assets Per Unit – Markets and Prices Bitcoin News

Image
As of July 18, Bitcoin is the most valuable cryptocurrency in US dollars per unit, currently trading for $ 31,693. In addition to all the packaged Bitcoins and synthetic Bitcoin connections, the second highest crypto asset per unit is the longing for financing and the manufacturer follows. Removing market cap positions and looking at crypto assets this way gives a user a completely different perspective. A look at the top digital currencies by unit price At the time of writing, there are only two crypto assets worth five digits and only two worth four. A look at the price of each coin per unit shows how many coins are being traded in certain price ranges. The unit price recorded in this report was recorded at 8:55 a.m. EDT on Sunday, July 18, 2021. The data was collected from the crypto market aggregation sites market.bitcoin.com and coingecko.com. The five most expensive crypto assets per unit include Bitcoin, Long Finance, Maker, Ethereum, and Bitcoin Cash. The per-unit pric...
Read more