The Bank of Uganda (BOU) has hinted that it’s open to the thought of crypto companies taking part in the regulatory sandbox. The central financial institution’s place follows its deliberations with a workforce from the Blockchain Association of Uganda (BAU).
BAU Members Asked to Acquaint Themselves Sandbox Regulations
The Ugandan central financial institution has stated following talks with the workforce from the BAU, it’s now open to the thought of getting crypto companies take part in its regulatory sandbox. Consequently, the central financial institution has requested members of the BAU which will need to be part of the sandbox to familiarize themselves with the NPS Sandbox Regulations 2021 and the BOU Sandbox Framework.
In a letter addressed to Kwame Rungunda, the chairperson of BAU, the central financial institution’s Andrew Kawere hinted that the deliberations between the financial institution and the workforce from BAU influenced its place on the participation of crypto companies. Kawere additionally lauded the proposal to share data. He stated:
Bank of Uganda welcomes your proposal to share information with our technical groups on the crypto enterprise fashions and whether or not some use circumstances are eligible for testing beneath the Regulatory Sandbox.
In the letter, Andrew Kawere additionally suggested Kwame Rungunda to contact one other central financial institution official Alex Ochan for the needs of scheduling technical discussions.
Shaping the Opportunity for Crypto in Uganda
As reported by Bitcoin.com News, the BOU launched its fintech regulatory sandbox in June 2021 and at the moment the central financial institution stated this may “promote financial services innovation, attract capital and funding for fintech firms, and provide shared learning opportunities for the innovators and regulators.”
Meanwhile, in its tweet after receiving the letter from the central financial institution, the BAU stated it appeared ahead to working with the central financial institution and different stakeholders “in shaping the opportunity for crypto in Uganda, while proactively mitigating the potential risks and ensuring consumer protection.”
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