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Bitt Digital Inc. has become the first entity to complete its participation in the Central Bank of Barbados and Financial Services Commission’s regulatory sandbox for fintech products, services and solutions.
In November 2018, the island’s two financial regulators announced that Bitt had entered the newly formed sandbox to test the “provision of a digital wallet which enables users to send, receive, and store mMoney as well as process other transactions directly from their mobile device or PC.” The Central Bank concluded its review of Bitt on July 5, 2019 and determined that the company’s digital wallet service will be “subject to regulation under legislation that is currently being drafted.”
In October last year when the sandbox was launched, the Central Bank and the FSC explained the rationale for its formation:
“FinTech innovations can differ significantly from traditional financial services, so there can be some uncertainty on how they should be regulated. By allowing businesses to test their products and services within the controlled live environment of a Regulatory Sandbox, the CBB and FSC, as Barbados’ financial regulators, will be able to determine whether existing regulations are sufficient to protect consumers, or if new legislation is needed.”