Uganda Central Bank Says It Is Open to Crypto Firms Participating in Regulatory Sandbox

The Bank of Uganda (BOU) has hinted that it is unfastened to the thought of crypto firms participating successful the regulatory sandbox. The cardinal bank’s presumption follows its deliberations with a squad from the Blockchain Association of Uganda (BAU).

BAU Members Asked to Acquaint Themselves Sandbox Regulations

The Ugandan cardinal slope has said pursuing talks with the squad from the BAU, it is present unfastened to the thought of having crypto firms enactment successful its regulatory sandbox. Consequently, the cardinal slope has asked members of the BAU that whitethorn privation to articulation 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 cardinal bank’s Andrew Kawere hinted that the deliberations betwixt the slope and the squad from BAU influenced its presumption connected the information of crypto firms. Kawere besides lauded the connection to stock information. He said:

Bank of Uganda welcomes your connection to stock cognition with our method teams connected the crypto concern models and whether immoderate usage cases are eligible for investigating nether the Regulatory Sandbox.

In the letter, Andrew Kawere besides advised Kwame Rungunda to interaction different cardinal slope authoritative Alex Ochan for the purposes of scheduling method discussions.

Shaping the Opportunity for Crypto successful Uganda

As reported by Bitcoin.com News, the BOU launched its fintech regulatory sandbox successful June 2021 and astatine that clip the cardinal slope said this would “promote fiscal services innovation, pull superior and backing for fintech firms, and supply shared learning opportunities for the innovators and regulators.”

Meanwhile, successful its tweet aft receiving the missive from the cardinal bank, the BAU said it looked guardant to moving with the cardinal slope and different stakeholders “in shaping the accidental for crypto successful Uganda, portion proactively mitigating the imaginable risks and ensuring user protection.”

What are your thoughts connected this story? Let america what you deliberation successful the comments conception below.