Austria will develop new rules to facilitate growth of ICOs and crypto

27 Apr, 2019 | Updated: 27 Apr, 2019
by Joeri Cant
News
Austria will develop new rules to facilitate growth of ICOs and crypto

Hartwig Loeger, the Austrian Finance Minister, stated that the country's FinTech Advisory Council will assist in developing new rules to facilitate growth in the financial market around digitized financial services, which include ICOs and cryptocurrencies.

According to Cointelegraph, the finance minister said that Austria is about to establish a regulatory sandbox for the fintech industry.

'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', State Secretary Hubert Fuchs said.

Fintech companies will be able to test and train their business models in the regulatory sandbox, and this for a limited time and under the supervision of the FinTech Advisory Council.

'In the future, fintechs will be able to test their innovative business models in a sandbox', Loeger said.

'The digitization of the financial services sector is one of the most crucial areas for the future of Austria.'

While Austria takes steps towards a future to include cryptocurrencies, countries like India seem to take steps in the other direction.

Chepicap reported that sandbox testing in India will exclude cryptocurrency services, including trading, investing and ICOs. 

The document that details the way in which the regulatory sandbox will be applied to the local Indian fintech sector under the watch of the RBI, with the goal to increase efficiency, manage risks and create new opportunities for consumers.

What appears to be a move set to increase flexibility and dynamism in the sector, the document is a clear setback to one of the areas which is showing some of the greatest developments when it comes to innovation. 

Perhaps India could take a look towards Austria for some crypto guidance?

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