§ 40-29-102 — Definitions

(a) As used in this act:
(i) "Blockchain" means a digital ledger or database
which is chronological, consensus-based, decentralized and
mathematically verified in nature;
(ii) "Commissioner" means the state banking
commissioner;
(iii) "Consumer" means a person, whether a natural
person or a legal entity, in Wyoming who purchases or enters
into an agreement to receive an innovative financial product or
service made available through the financial technology sandbox;
(iv) "Financial product or service" means a product
or service related to finance, including banking, securities,
consumer credit or money transmission, which is subject to
statutory or rule requirements identified in W.S. 40-29-103(a)
and is under the jurisdiction of the commissioner or secretary;
(v) "Financial technology sandbox" means the program
created by this act which allows a person to make an innovative
financial product or service available to consumers during a
sandbox period through a waiver of existing statutory and rule
requirements, or portions thereof, by the commissioner or
secretary;
(vi) "Innovative" means new or emerging technology,
or new uses of existing technology, that provides a product,
service, business model or delivery mechanism to the public and
has no substantially comparable, widely available analogue in
Wyoming, including blockchain technology;
(vii) "Sandbox period" means the period of time,
initially not longer than twenty-four (24) months, in which the
commissioner or secretary has authorized an innovative financial
product or service to be made available to consumers, which
shall also encompass any extension granted under W.S. 40-29-108;
(viii) "Secretary" means the secretary of state;
(ix) "This act" means W.S. 40-29-101 through 40-29-
109.