Israel’s government is reportedly set to fast track around 2,000 FinTech and blockchain companies currently looking to get licences from the country’s regulator.
The Capital Market Authority is looking to evolve how FinTech receive licences in the country in a hope of boosting competition in the space, according to a number of reports in the media.
To achieve this fast track of so many companies, the body will create a number of small industry-specific authorities to review applications, they report.
Singapore is another country which has put a push fast tracking FinTech licensing. Last year, the country’s regulator revealed a new express approval system which aims to get companies a FinTech license within 21 days.
The system works by having pre-defined sandboxes for specific areas of the market.
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