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A number of financial regulators all over the world are forming a new alliance to facilitate the growth of financial technologies such as blockchain and DLP technology.
The UK Financial Conduct Authority (FCA), which led one of the world's first sandbox fintech programs, announced the Global Financial Innovation Network (GFIN) initiative on Tuesday, along with 11 other member regulators of jurisdictions such as Hong Kong, United States, Australia and Abu Dhabi.
GFIN will serve primarily as a network of regulators to discuss policies related to financial technologies, the statement indicates, in addition to developing a "global sandbox" that will give companies an "environment in which to experiment cross-border solutions".
While the paper offers little details on how the regulatory authorities plan to create a supervised environment for blockchain startups, the FCA said the new alliance follows a consultation effort in February on the idea of a sandbox. international.
Among the 50 replies received at the time, FCA said that a key issue focuses on how regulators around the world can work together to drive cross-border payments based on DLT and how to regulate initial coin offerings, which often go further
In fact, several members of the GFIN, including the Singapore Monetary Authority, the Hong Kong Monetary Authority and the Abu Dhabi Global Market, are already working on cross-border payment corridors built with DLT.
Together with the announcement The group jointly published a consultation paper to get public feedback on the GFIN initiative by October 14th.
Just last month, the FCA also granted 11 blockchain-related cryptographic start-ups to the fourth cohort of its sandbox program – nearly 40% of the 29 companies accepted – which can now test their products in a regulated environment .
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