The UK Financial Conduct Authority (FCA) announced the creation of a global initiative to improve collaboration on fintech innovations – as a blockchain – between regulators and companies, according to an official press release of 7 August.
The FCA says the new alliance, the Global Financial Innovation Network (GFIN), will work in collaboration with 11 financial authorities and related organizations to help Fintech companies interact more easily with regulators in different countries.
According to the press release, GFIN aims to consult on topics such as the growth of technologies such as distributed ledger technology and artificial intelligence (AI), as well as the regulation of securities and Initial Coin Offerings (ICO), among others.
Christopher Woolard, FCA board member and Executive Director of Strategy and Competition, said in the press release that the creation of GFIN will help organizations "harnes [s] the benefits of innumerable services" financial for consumers while managing the potential damage. "
The new alliance is part of the further implementation and development of the successful progress of the Fintech Global FCAO sandbox that had been launched at the start of this # 39; year.
A July report by the Big Innovation Center, DAG Global and Deep Knowledge Analytics stated that the United Kingdom was destined to become a leader in blockchain technology and the crypto economy by 2022.