Bill > H5564

This bill establishes a comprehensive framework for blockchain technology and digital assets in Rhode Island, creating a financial technology sandbox and special purpose depository institutions to support innovative blockchain and digital asset businesses. The legislation aims to promote economic growth by providing a supportive regulatory environment for blockchain and digital asset companies. Key provisions include creating a blockchain technology advisory council, establishing a regulatory sandbox that allows companies to test innovative financial products with temporary waivers from certain regulations, and creating a new type of special purpose depository institution specifically designed to serve blockchain and digital asset businesses. These special purpose banks would have unique characteristics, such as only accepting business entity depositors, maintaining 100% liquid assets, and focusing on providing banking services to blockchain innovators who often struggle to find traditional banking support. The bill emphasizes consumer protection, requires background checks for key personnel, and provides a structured process for companies to test and potentially mainstream their innovative financial technologies. The legislation is intended to position Rhode Island as a leader in blockchain and digital asset innovation by offering a flexible, supportive regulatory environment while maintaining rigorous oversight and consumer safeguards.

Business and Industry

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