The implementation of a regulatory sandbox for the fintech industry is being considered in Austria, Cointelegraph reports.

Austria’s Finance Minister Hartwig Loeger revealed that the FinTech Advisory Council, formed last year, will help build rules to steer the “young financial market around digitized financial services,” including initial coin offerings (ICOs) and digital currencies.

“The digitization of the financial services sector is one of the most crucial areas for the future of Austria. In the future, fintechs will be able to test their innovative business models in a sandbox,” he went on to say.

The regulatory sandbox being considered was developed by the Financial Conduct Authority (FCA) in the United Kingdom and would allow fintech companies to test and train their business models for a specific period under the supervision of the FMA.

“For some companies in the fintech industry, it is particularly difficult to keep track of all regulatory requirements and developments right from the start,” State Secretary Hubert Fuchs said. “Many of them give up and discard their business models. We want to take countermeasures against this.”

Companies becoming a participant of the sandbox would entail abiding by specific requirements, which include the development of a business model based on information, communication, or blockchain technology, among others.

This announcement follows news earlier this week of Russian regions choosing to make use of regulatory sandboxes, and the Central Bank of Bahrain announcing plans of starting up a regulatory sandbox which would allow blockchain and crypto companies to work in the country.