If enacted, this bill would update current statutes by renaming the "Regulatory Sandbox Program" to the "Financial Technology, Digital Assets and Blockchain Sandbox Program" and expanding the definition of "innovation" to explicitly include digital assets. The bill would also introduce a new definition for "digital assets," encompassing virtual currencies, cryptocurrencies, and other digital-only assets that confer economic rights. Additionally, it would make various technical and conforming changes throughout the relevant statutes to reflect these updates.

The bill would delete references to the "regulatory" sandbox in favor of the new title and would clarify that the Attorney General is responsible for establishing the new sandbox program. It would also specify that any person may apply to enter this sandbox to test innovations, with the Attorney General having the authority to approve applications and enforce applicable state laws. Overall, the changes aim to modernize the framework for testing financial innovations in Arizona, particularly those involving 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