Bank of Uganda Launches Regulatory Sandbox Framework — One Fintech Firm Alrea...
The Bank of Uganda (BOU) has announced the launch of a regulatory sandbox that will allow fintech start-ups to test their innovative financial solutions in a controlled environment. Already, one firm, M/S Wave Transfer Limited, has received approval to test its quick response (QR) technology under this sandbox arrangement. BOU Launches Regulatory Sandbox for Fintech In its statement on June 15, the BOU says it is now inviting more firms to develop and similarly test their financial innovations under this framework. Meanwhile, the BOU statement also expands on why the central bank has....
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The bank advised the Blockchain Association of Uganda (BAU) to sharpen up its knowledge of the sandbox regulations, inviting its members along to further technical discussions. The Bank of Uganda is open to the idea of cryptocurrency businesses participating in its Regulatory Sandbox, inviting members of the Blockchain Association of Uganda (BAU) to share their knowledge with the central bank.A letter from the bank dated June 1 to the chairperson of the BAU, Kwame Rungunda, referred to a meeting between the two parties in early May. The central bank also advised the country’s crypto....
The Bank of Uganda (BOU) has hinted that it is open to the idea of crypto firms participating in the regulatory sandbox. The central bank’s position follows its deliberations with a team from the Blockchain Association of Uganda (BAU).
BAU Members Asked to Acquaint Themselves Sandbox Regulations
The Ugandan central bank has said following talks with the team from the BAU, it is now open to the idea of having crypto firms participate in its regulatory sandbox. Consequently, the central bank has asked members of the BAU that may want to join the sandbox to familiarize....
The Bank of Uganda has advised members of the Blockchain Association of Uganda to understand more about cryptocurrency sector. The bank has stated that it will be glad to work with crypto platforms in its forthcoming Regulatory Sandbox. It referenced a meeting between both parties early last month in a letter addressed to Kwame Rugunga, […]
Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)’s regulatory sandbox. Using Crypto to Enable Faster and Cheaper Remittances In a statement, the fintech firm claims its Minit Money application has demonstrated an ability to “enable foreigners living in South Africa to send money home across Africa to bank accounts or mobile money wallets at a....
Uganda’s blockchain community welcomes the recent call on authorities to create a cryptocurrency regulatory framework, a board member of the Blockchain Association of Uganda (BAU) has said. The member, Suleiman Murunga, explains that such a framework “will create investor confidence and boost participation by innovators.” Uganda’s FIA Calls for Crypto Framework The remarks by BAU’s Murunga come just a few months after the country’s Financial Intelligence Authority (FIA) told the country’s Ministry of Finance to look into the possibility of....