From Around the USA


Hardly Child's Play

North Carolina Joins the Growing Number of States With a FinTech Regulatory Sandbox

"In March 2018, Arizona became the first state to launch a FinTech-related regulatory sandbox, followed by Kentucky, Nevada, Utah, Wyoming, Vermont, Florida, West Virginia, and Hawaii. North Carolina just became the 10th state to implement a FinTech or InsurTech regulatory sandbox, and other states are considering similar regulatory programs." The National Law Review | October 19, 2021


Newspaper article on WV sandbox law

Risks and rewards weighed in state's fintech sandbox development | by Clint Thomas, Daily Mail WV, Aug 20, 2021


North Carolina’s Regulatory Sandbox Act of 2021

Technology Boom in NC? What You Should Know About the Proposed Regulatory Sandbox in the Tarheel State,

 JDSUPRA, July 20, 2021 


FL, WV join AZ, NV, UT, WY with IL, NC in the works

"Florida and West Virginia passed legislation in recent months, joining Arizona, Nevada, Utah and Wyoming as states with fintech sandboxes. Several other states, including Illinois and North Carolina, have bills in the works." from States entice fintechs by giving them freedom to experiment | By Miriam Cross, American Banker, August 26, 2020 [Paywalled]



Will Income-Share Agreements Be the Next Payday Loans? | The American Prospect, July 2, 2019

Note that the Arizona Attorney General has admitted Align Income Share Funding, Inc. to the Sandbox to make consumer loans without being required to comply with the consumer protections of the Consumer Lending law.



In On March 25, the Utah governor signed HB378 which creates a state regulatory sandbox program through the through the state’s Department of Commerce. The bill passed the House and Senate unanimously. Utah is the third state to introduce a regulatory sandbox program after Arizona and Wyoming.

See blog post dated 6/11/209



On March 27, the Committee on Commerce and Labor of the Nevada Senate heard SB161, a bill to establish the "Regulatory Experimentation Program for Product Innovation" in the state. According to the sponsor, Senator Kieckhefer, SB161 was modeled after Arizona's FinTech sandbox.



On February 19, the Wyoming Governor signed HB0057, which creates a fintech sandbox program in the state. Wyoming is the second state to introduce a regulatory sandbox program after Arizona.

See Blog post dated 6/6/2019



Senate Bill 860 filed on 2/15/2019 would create a regulatory sandbox in the office of the Texas Attorney General, modeled on Arizona's. 
See Blog post dated 2/18/2019



From the Heartland Alliance & the Illinois Asset Building Group


Is New Really New?

Financial Technology & its Impact on Low-Income Families


Analysis Framework for Sandbox Proposals


Arizona's Regulatory Sandbox In The News


Fintech ‘sandboxes’ in Arizona, other states, aim to attract companies

By Sophie Quinton / Stateline | AZ Mirror - June 16, 2021


Arizona Fintech Sandbox Attains Further International Recognition

AG Press Release | October 24, 2019

"Joins Global Financial Innovation Network; Signs New Cooperation Agreement with Polish Financial Supervision Authority"


CEI Letter to Arizona AG Re: Align Income Share Funding in Arizona Regulatory Sandbox Program | September 11, 2019


Arizona FinTech Sandbox Updates from the AG | Press Release, Sep 10, 2019 (See also Updates, Sep 10, 2019)


MIJ Letter to Governor Ducey re: "Request that Transparency and Public Oversight be an Affirmative Part of the Regulatory Sandbox Program" | June 28, 2019


CEI Letter to Governor Ducey with a request to Veto House Bill 2177 | Center for Economic Integrity, March 28, 2019


MIJ Letter to Governor Ducey with a Request to Veto House Bill 2177 | William E. Morris Institute for Justice, March 27, 2019


Ducey signs bill creating PropTech sandbox, AZBigMedia | AZ Business News, March 21, 2019


Have you heard of fintech? It can help with your finances, but beware of these risks, by Russ Wiles | Arizona Republic, March 17, 2019


FINTECH AND CONSUMER PROTECTION: A Snapshot, by Lauren Saunders | NCLC, March 2019


Comments submitted to the CFPB re: Policy on No-Action Letters and the Product Sandbox, feature an Overview of the Arizona Sandbox, Section 10.3.1, pp 48-52.  February 11, 2019


Are fintech sandboxes a consumer protection desert?

Lauren Saunders, Opinion Contributor | The Hill | November 29, 2018


Arizona sandbox gives fintech start-ups a regulatory path to US

Jemima Kelly, Financial Times | November 11, 2018

Two more companies accepted into Arizona’s Fintech sandbox

Tim Gallen – Digital Editor, Phoenix Business Journal | November 1, 2018


Arizonans are unwitting subjects of state’s tech experiment

Tim Steller, Arizona Daily Star | March 31, 2018



CEI Brief

Arizona Regulatory Sandbox Program **updated 11/2021**


CEI Factsheet

Title Lenders and Consumer Lenders Should Play by the Same Rules in AZ


Coalition Letter

Letter to Attorney General on 07/24/2018


Attorney General's Office

Arizona Sandbox Participants


Arizona Sandbox Alumni


Cooperation Agreement Relating to Innovative Functions between the Financial Supervisory Commission, Taiwan and The Office of the Arizona Attorney General - signed 09/26/2018


Memorandum Of Understanding obtained via Public Records request, October 16, 2018. (A second Public Records request in October 2019 produced a copy of the MOU with the Polish Financial Supervision Authority, signed 08/15/2019, with identical wording to that of the MOU with Taiwan).  On file with CEI.


Arizona Sandbox Participants


  • Valley of the Sun Mint, LLC d/b/a Satoshiware, March 4, 2022
    "Hardware bitcoin wallets called Satoshi Coins that are pre-loaded with fractional bitcoin."

  • Cryptoenter Corp., July 19, 2021
    "A blockchain-based platform that integrates with banks to provide bank customers with cryptocurrency exchange and transfer services."


Previous Participants