Rhode Island’s representatives have introduced a new bill aimed at creating regulatory clarity around Bitcoin (BTC) related businesses as well as blockchain innovators.
Dubbed the Rhode Island Economic Growth Blockchain Act, the bill was formulated by Representatives David Place and Blake Filippi, and it aims to create an amenable framework for fintech as well as blockchain-focused businesses, according to BTC Manager.
The document can be viewed as an economic growth blockchain act, regulating virtual and digital assets, regulating the sale of hemp, and creating depository banks to service crypto-linked businesses. Also, the bill calls for the creation of a DLT advisory council and the development of a blockchain filing system.
Moreover, the bill looks to put in place a Special Purpose Sandbox and a Financial Sandbox that will enable crypto market participants and blockchain innovators to do their business freely, without going against existing state laws.
And lastly, the Special Purpose Sandbox will see the establishment of a Special Purpose Depository Institution, which will help crypto-related startups to access traditional banking services.
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