The State of West Virginia has approved its first financial technology company through the fintech regulatory sandbox. The company, FreedomTrust, is a digital asset management platform for financial advisors.
According to its website, the FreedomTrust Digital Asset Management Platform offers “secure and compliant access to Bitcoin and other cryptocurrencies through licensed custodians.”
The company gives financial advisors the tools they need for portfolio management, billing, reporting and compliance.
FreedomTrust representatives have expressed their excitement to be the first company admitted into the state’s sandbox and said it has been wonderful to work with the West Virginia Division of Financial Institutions, which is responsible for regulating the sandbox.
The company believes their presence in the state and their approach to the business could revolutionize finance.
During the 2020 Legislative Session, the West Virginia Legislature passed- and the Governor signed- House Bill 4621, which implements a regulatory sandbox to enable entities that would normally require licensure in West Virginia to test an innovative financial product or service for a limited period of 24 months.
After the end of the sandbox period, if the test of the product or service has been deemed successful, the entity would be able to continue operating in West Virginia subject to any licensure requirements at that time.
At the time of its passing, legislators said the sandbox was intended to encourage start-up activities and entrepreneurship.
When the sandbox went into effect in July of 2020, West Virginia joined a very small group of states who have obtained authority to operate a sandbox, including Arizona, Wyoming, Nevada, and Utah.
FreedomTrust was founded in 2020. Together, the Freedom Trust management team has nearly 40 years of combined experience in Technology, Blockchain, Marketing, Finance and Operations.
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