In March 2020, the West Virginia Legislature passed House Bill 4621, establishing a regulatory sandbox to enable companies normally requiring licensure to test their financial product or service for up to 24 months.
If the test is declared successful after that period, the entity can continue operating in West Virginia, subject to any licensure requirements at that time.
“Fintech” is shorthand for this type of innovative program that blends financial services with emerging technology. The term can refer to anything from Bitcoin currency to phone apps that let you tap your smartphone to pay for that morning latte.
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