Bitt approved for legislation by Barbados regulators
Bitt has become the first fintech to complete and exit Barbados’ Regulatory Sandbox Framework, reports Jane Connolly.
Guided by the Central Bank of Barbados and the Financial Services Commission, the eight-month Sandbox process enabled Bitt to thoroughly test its blockchain-based offerings in a controlled environment.
The bank confirmed that the testing process was now complete, and Bitt is a candidate for regulation under the legislation currently being drafted.
“It is absolutely necessary that all financial services companies work with regulators and grant them full oversight of their operations,” says Bitt CEO, Rawdon Adams. “Technology is the ideal partner for the financial services sector to take on to boost productivity – and with it, economic growth. The results of this Sandbox will provide great comfort to our potential partners and to consumers.”
In relation to the pending Data Protection Act, he adds: “Consumers, businesses, licensed financial institutions, governments and investors can rest assured that Bitt is operating in full compliance with the laws of Barbados and is equipped to protect all client data from privacy risks.”
Bitt has created a financial services ecosystem in Barbados and the wider Caribbean by leveraging blockchain and distributed ledger technology.