CFPB opens the regulatory sandbox to blockchain startups

The Bureau for financial consumer protection USA (CFPB) is launching a regulatory «sandbox» to support the blockchain and other FINTECH innovations. On Wednesday, said the acting head of the Agency, Mick Mulvaney (Mick Mulvaney).

CFPB wants to help the companies developing these new technologies, and promote their «products and services», reports the Wall Street Journal. Mulvaney said that the new office in charge of this initiative, will specifically study cryptocurrency platform based on the blockchain, other private currency and individual «microcredit». The Agency can even examine alternatives to the traditional credit ratings. Mulvaney said:

«We can make a good argument… that the technology does offer new and innovative ways to protect consumers. We gone light years from the hot lines for complaints, where you can really see what is happening in real time.»

According to the WSJ, the new office will be headed by Paul Watkins (Paul Watkins), who previously helped Arizona state to launch its own regulatory «sandbox» at the state level for cryptocurrency and blockchain.

This is not the first case when Mulvaney supports the technology of the blockchain. Last month the head of the office of management and budget, the United States said at the conference that regulators must find the «Golden middle» in the promotion of financial technologies, preventing the spread of fraud. At the time, he hinted at the need for a new regulatory framework.

Mick Mulvaney, a conservative Republican Congressman from South Carolina and longtime supporter of bitcoins, was selected
the head of the office of management and budget in the future administration of Donald trump in December 2016.

Recently the financial conduct authority (FCA), the UK has chosen
11 startups related bloccano and technology of distributed registry for the last and fourth cohort of startups of their regulatory advantage. The last set was almost 40% of the 29 companies included in the «sandbox». In addition, in April this year, the Bank of Russia launched
regulatory «sandbox» for FINTECH projects.

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