The "Rhode Island Economic Growth Blockchain Act" aims to create a supportive regulatory environment for blockchain and technology innovators in the state. It introduces a regulatory technology sandbox that allows innovators to test new products and services under flexible conditions, addressing challenges such as access to banking services. The bill proposes the establishment of special purpose depository institutions specifically designed to meet the needs of blockchain innovators, thereby enhancing the state's financial sector. Key insertions include new definitions related to digital assets, financial technology, and the roles of custodians, as well as provisions for licensing requirements and the establishment of opportunity zones for economic development.

Additionally, the bill outlines the operational framework for special purpose depository institutions, including criteria for their formation, compliance with federal laws, and requirements for maintaining financial stability. It mandates that these institutions maintain a contingency account and comply with anti-money laundering practices. The bill also specifies the application process for obtaining a special purpose depository charter, including public hearings and criteria for approval. Overall, the legislation seeks to modernize the regulatory landscape for financial technology and digital assets while ensuring consumer protection and compliance with legal standards.