The Japanese government is reportedly plotting a pro-innovation sandbox that will encourage FinTech startups to enter the banking industry through regulator-free trials.
According to a report by prominent Japanese publication Nikkei, the government looking to update its often-criticized FinTech regulations to make it easier for new innovative services to take shape in the country. According to the report, a pro-innovation government panel discussed a suggested proposal for a regulatory sandbox on Friday.
The new framework will encourage corporations and startups alike to trial new services without having to worry about any crippling government regulations. Government agencies would see proposals from developers before granting them approval to run experiments for a limited time within the sandbox. During this period, developers will be exempt from having to adhere to existing requirements and standards.
Notably, the sandbox will allow trials to be conducted nationwide.
An excerpt from the report reads:
In the FinTech sector, for instance, startups could find it easier to enter the banking industry. That could promote the spread of financial services
Read more ... source: CryptoCoinsNews
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