As used in this article:
“Applicable agency” means a department or agency of the state that by law regulates certain types of business activity in the state and persons engaged in such business activity, including the issuance of licenses or other types of authorization, which the department determines would otherwise regulate a regulatory sandbox participant.
“Applicant” means an individual or entity that is applying to participate in the regulatory sandbox program.
“Consumer” means a person that purchases or otherwise enters into a transaction or agreement to receive an innovative product or service that is being tested by a regulatory sandbox participant.
“Distributed ledger” means the use of a digital database containing records of financial transactions, including blockchain technology, which can be simultaneously used and shared within a decentralized, publicly accessible network and can record transactions between two parties in a verifiable and permanent way.
“Division of Financial Institutions” and “division” mean the West Virginia Division of Financial Institutions.
“Financial product or service” means:
(A) A financial product or financial service that requires state licensure or registration; or