UK Regulator Adds 9 Blockchain Startups to Fintech 'Sandbox'
The UK Financial Conduct Authority (FCA) has unveiled a number of blockchain and digital currency projects to its regulatory ‘sandbox’ in a bid to promote product testing and consumer safety. Nine blockchain startups (out of a total of 24) are involved in the fintech sandbox, a development which comes more than two years after the FCA first launched its financial tech-focused initiative ‘Project Innovate’. Within the sandbox, startups test new services and products under the supervision of regulators. The startups involved are Billon, BitX, Epiphyte, Govcoin Limited, Otonomos, Nivaura,....
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The Japanese government is reportedly plotting a pro-innovation sandbox that will encourage FinTech startups to enter the banking industry through regulator-free trials. According to a report by prominent Japanese publication Nikkei, the government looking to update its often-criticized FinTech regulations to make it easier for new innovative services to take shape in the country. According to the report, a pro-innovation government panel discussed a suggested proposal for a regulatory sandbox on Friday. The new framework will encourage corporations and startups alike to trial new services....
TradeBlock announced on July 18 that it will collaborate with Boston-based "enabler of global startups," FinTech Sandbox. TradeBlock provides blockchain analysis tools to financial institutions. Sandbox users will be able to have free access to the blockchain data of TradeBlock’s API and download and store the information for up to six months for testing and demonstration purposes. TradeBlock’s analytics and accounts manager, Ishan Singh, said: “The goal with this partnership is to empower early stage companies with access to the best data and tools available so that they can drive....
Switzerland’s government is considering new regulations in light of fintech advancements such as blockchain, with the aim of creating a more welcoming atmosphere for startups working in the space. The Swiss Federal Council – a seven-member group that serves as the country’s collective head of government – said today that it is seeking consultations on regulatory changes for the domestic financial industry to account for fintech. Specifically, the government is proposing that firms that accept less than 1m Swiss francs in deposits (just over $1m USD) be classified differently than other....
The independent regulatory authority of Abu Dhabi's newest financial free zone is seeking to promote the development of blockchain startups as part of a drive to create new efficiencies in the regional financial sector. The Financial Services Regulatory Authority (FSRA), one of three divisions of the Abu Dhabi Global Market (ADGM), has released a consultation paper in which it detailed its plans to create a sandbox environment for FinTech under which startups would be allowed to work under a flexible regulatory framework for up to two years. The FSRA's proposal would seek to limit startups....
The Financial Conduct Authority (FCA) has announced the first 24 companies that will be taking part in its regulatory sandbox. In 2014, the FCA launched Project Innovate, in a bid to provide businesses on the regulations that they are required to abide by. In a bid to keep London as the FinTech centre, earlier this year, the FCA considered approving blockchain startups to actively encourage businesses to employ the technology. In September, it was reported that the FCA had had accepted 24 applicants out of 69 to take part in its first regulatory sandbox after applications closed in July,....