It was announced today that on July 5th, Bitt Digital Inc. became the first company to complete and exit the Regulatory Sandbox guided by the Central Bank of Barbados and the Financial Services Commission.
The Sandbox provided Bitt with the opportunity to test its blockchain-based financial technology (fintech) products, services, and business models in a controlled environment while protecting consumers, stakeholders and the financial system from undue risk.
“On behalf of the panel, I can confirm that the Regulatory Review Panel (RRP) considers the type of business activity trialed by Bitt to be a candidate for regulation under legislation that is currently being drafted. The RRP now deems the testing period to be complete.”
– Governor of the Central Bank of Barbados, Cleviston Haynes
This was the conclusion following a thorough review of Bitt’s operations during the 8-month long Regulatory Sandbox Framework.
“It is absolutely necessary that all financial services companies work with regulators and grant them full oversight of their operations. Technology is the ideal partner for the financial services sector to take on to boost productivity – and with it economic growth. The results of this Sandbox will provide great comfort to our potential partners and to consumers. Consumers, businesses, licensed financial institutions, governments, and investors can rest assured that Bitt is operating in full compliance with the laws of Barbados and is equipped to protect all client data from privacy risks.”
– CEO of Bitt, Rawdon Adams