“Ron DeSantis, the 46th Governor of the US state of Florida, noted on July 2, 2020, that with the signing of HB 1391, Florida now welcomes Fintech firms that aim to “disrupt the status quo and gives them an opportunity to provide new types of products and services.”
DeSantis thanked James Grant, a Republican member of the Florida House of Representatives, for continuing to support entrepreneurship and innovation as the state’s officials move forward with developing economic recovery plans following the COVID-19 outbreak.”
Jimmy Patronis, the Chief Financial Officer (CFO) in Florida, was present when Gov. DeSantis signed a bill that supports the launch of a Fintech sandbox within the Office of Financial Regulation for supporting innovative technology projects.
In 2019, DeSantis and Patronis had confirmed that they would be working on legislation to establish a regulatory sandbox for Fintechs in Florida.
“Thank you to Governor DeSantis for signing this important piece of legislation today. Also, a big thank you to the bill sponsors, Representative Jamie Grant and Senator Travis Hutson, for their hard work and support to get this bill passed.”
“As someone who has run a small business, I know just how beneficial it is to our communities to attract high paying, technology-focused jobs. Fintech’s opportunities for Florida are limitless and the more we can do to create a regulatory environment that allows businesses to innovate and test new technologies, the more effective we’ll be at attracting technology jobs and investment to Florida communities.”
State Rep. James Grant, R-Tampa, noted:
“I was honored to work with Governor DeSantis, CFO Patronis, and many others to get these reforms and innovations passed into law.
Revolutionizing the way we protect and use state data is critical to our future and reality only because of the unselfish teamwork that made this bill a reality. I cannot wait to see the Florida Digital Service transform the way government delivers services and the Fintech environment flourish here in Florida.”
State Sen. Travis Hutson, R-Palm Coast, remarked:
“Thank you to Governor DeSantis for signing the Fintech legislation today. Ensuring Florida remains a top destination for companies seeking opportunities to grow is one of my top priorities, and I was honored to sponsor this important bill.”
Florida is a low tax state that is viewed as business-friendly. In the past couple of years, multiple financial services firms formerly based in the New York City area have relocated to Florida due to low taxes.
The Florida Blockchain Business Association was very supportive of this bill. President Samuel Armes and Vice President Rosa Shores were in Tallahassee once a month during each Blockchain Task Force meeting advocating for bills like HB 1391.
Although a Fintech Sandbox has been created, there is still work to do. The current sandbox was described as a “kiddie pool” by some representatives who would like to see the sandbox expanded.
“This is big for Florida, and opens the door for innovation in our financial technology industry,” Armes said. “This bill will bring us on the path of not only becoming competitive with States like Wyoming but hopefully, in the near future, leading the way.”