Regulators To Create Global Sandbox To Support Blockchain
August 8, 2018
A number of financial regulators from various countries have declared to form an association to facilitate development of fintech technologies including the technology of distributed ledger.
The U.K.'s Financial Conduct Authority (FCA) in cooperation with 11 regulators from the US, Australia and other states have claimed to form a global alliance named GFIN.
According to the authority, the alliance will be focused on establishing regulatory network for debates on political issues related to the fintech sector as well as creating a global sandbox where organizations can “trial cross-border solutions”.
Over 50 responses have been received in total with the key topic being collaboration of governmental departments in testing blockchain-based international payments as well as joint control over ICO projects.
Note that some members of the alliance, for instance, regulators from Singapore, Hong Kong and Abu Dhabi made some attempts earlier to establish blockchain-based cross-border payment corridors.
Remarkable enough, along with announcing the GFIN alliance British FCA also revealed a consultation list to gain public response to the initiative till mid-autumn of this year.
Earlier the FCA provided sandbox access to 11 out of all 29 verified cryptocurrency projects that now can legally test their innovations in Britain.