Austria Considers Establishment of Fintech Regulatory Sandbox

The Ministry of Finance in Austria is considering establishing a regulatory sandbox for the fintech industry, Cointelegraph auf Deutsch reports on April 26.

The country’s Finance Minister Hartwig Loeger said that the FinTech Advisory Council — which was formed by the Ministry of Finance last year —  will aid in the development of relevant rules to steer the “young financial market around digitized financial services,” including initial coin offerings (ICOs) and digital currencies to facilitate their growth. State Secretary Hubert Fuchs said:

“For some companies in the fintech industry, it is particularly difficult to keep track of all regulatory requirements and developments right from the start. Many of them give up and discard their business models. We want to take countermeasures against this