The Bank of Uganda (BOU) has actually hinted that it is open to the concept of crypto firms participating in the regulatory sandbox. The reserve bank’s position follows its considerations with a group from the Blockchain Association of Uganda (BAU).
BAU Members Asked to Acquaint Themselves Sandbox Regulations
The Ugandan reserve bank has actually stated following talks with the group from the BAU, it is now open to the concept of having crypto firms take part in its regulatory sandbox. Consequently, the reserve bank has actually asked members of the BAU that might desire to sign up with the sandbox to acquaint themselves with the NPS Sandbox Regulations 2021 and the BOU Sandbox Framework.
In a letter resolved to Kwame Rungunda, the chairperson of BAU, the reserve bank’s Andrew Kawere hinted that the considerations in between the bank and the group from BAU affected its position on the involvement of crypto firms. Kawere also admired the proposition to share info. He stated:
Bank of Uganda invites your proposition to share understanding with our technical groups on the crypto company designs and whether some usage cases are qualified for screening under the Regulatory Sandbox.
In the letter, Andrew Kawere also recommended Kwame Rungunda to contact another reserve bank authorities Alex Ochan for the functions of scheduling technical conversations.
Shaping the Opportunity for Crypto in Uganda
As reported by Bitscoins.net News, the BOU released its fintech regulatory sandbox in June 2021 and at that time the reserve bank stated this would “promote monetary services development, draw in capital and financing for fintech firms, and supply shared knowing chances for the innovators and regulators.”
Meanwhile, in its tweet after getting the letter from the reserve bank, the BAU stated it looked forward to dealing with the reserve bank and other stakeholders “in forming the chance for crypto in Uganda, while proactively reducing the prospective threats and making sure customer security.”
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