Regulators of 12 Counties Launch Global Blockchain Sandbox
Twelve financial regulators united under Global Financial Innovation Network (GFIN) are creating a «Sandbox» to help further the development of financial technologies like blockchain, says press-release of the U.K.’s Financial Conduct Authority (FCA). GFIN will help bridge innovative firms to interact with regulators both domestically and internationally and provide the support for fin-tech companies. All the solutions will be tested in GFIN ecosystem.
The FCA has already seen 50 responses as feedback to its own consultation call earlier in February 2018 when it embarked on the idea of launching a ‘global sandbox.’ In July, FCA accepted 11 local startups to the «sandbox». GFIN network includes 12 financial regulators and the World bank Group. The main focus of the network is on artificial intelligence, data protection, IPO and ICO regulation, KYC technology, anti-money laundering procedures. In June, FCA published a letter asking banks to increase the control over the clients owning cryptocurrency. At the end of 2017, it was announced that the regulator might strengthen ICO rules in the country.