If enacted, this bill would update the current statutes by retitling the "Arizona Regulatory Sandbox Program" to the "Financial Technology, Digital Assets and Blockchain Sandbox Program." It would also modify the definition of "innovation" to explicitly include the use of digital assets, thereby broadening the scope of what constitutes an innovative financial product or service. The bill introduces a new definition for "digital assets," which encompasses virtual currencies, cryptocurrencies, and other digital-only assets that confer economic, proprietary, or access rights.

Additionally, the bill would make several technical and conforming changes throughout the relevant statutes, ensuring that all references to the regulatory sandbox reflect the new title and definitions. It would maintain the existing framework for how participants can apply to test innovations while clarifying that the Attorney General has the authority to enforce applicable state regulatory laws for sandbox participants. Overall, the bill aims to modernize the regulatory framework to better accommodate advancements in financial technology and digital assets.

Statutes affected:
Introduced Version: 41-1491.10, 41-5601, 41-5602, 41-5603, 41-5604, 41-5605, 41-5606, 41-5607, 41-5608, 41-5609, 41-5611, 41-1491.34, 41-1491.24, 41-1491.29, 35-146, 35-147, 44-1531.01, 6-1241, 6-601, 6-114, 6-632, 6-635, 6-637, 44-281, 44-286, 44-287, 44-288, 44-289, 44-290, 44-291, 44-293, 47-9601, 44-3241, 44-7601, 18-552, 18-551
House Engrossed Version: 41-1491.10, 41-5601, 41-5602, 41-5603, 41-5604, 41-5605, 41-5606, 41-5607, 41-5608, 41-5609, 41-5611, 41-1491.34, 41-1491.24, 41-1491.29, 35-146, 35-147, 44-1531.01, 6-1241, 6-601, 6-114, 6-632, 6-635, 6-637, 44-281, 44-286, 44-287, 44-288, 44-289, 44-290, 44-291, 44-293, 47-9601, 44-3241, 44-7601, 18-552, 18-551