What are regulatory sandboxes? They are unique legal classifications that create space for regulators to temporarily freeze regulations and criminal penalties for a defined time period. This allows private companies to develop or introduce an innovative product or service where current standards poorly apply or haven’t yet been created.
To unleash the bounds of human ingenuity and make Utah the home for the world’s best, brightest, and most innovative minds. It’s time to turn the Beehive State into the Sandbox State.
Hidden behind the shiny veneer of awards and platitudes lie a number of policies showing that Utah isn’t as business friendly as it could and should be.
This bill sets up a pathway for financial and peer-to-peer technologies to petition for relief from onerous regulations that poorly apply to their models.
