UK blockchain project is close to regulatory approval!

Rage Review : FCA is regarded as the world's most visionary regulator in the field of Internet finance. It is currently considering whether to approve domestic consumers and companies to use blockchain-based products. FCA plans to develop an approval process for blockchain projects, which aims to officially expand blockchain services to the UK. It will start with the compliance field and encourage startups to innovate in this field. The UK's relaxed regulatory policy on blockchain is crucial to innovation.

Translation: Nicole

The UK regulator has reportedly found blockchain companies that have completed a sandbox program designed to encourage innovation.

According to the Financial Times, the UK Financial Conduct Authority (FCA) is currently considering whether to approve blockchain-based products for domestic consumers and companies.

According to the news source, a "small but sufficient" number of projects are being reviewed, with details to be announced in the coming months.

Months after bitcoin payments firm Circle Internet Financial became the first firm to receive an e-money license in April, the FCA plans to develop an approval process for blockchain projects in a move aimed at formally expanding blockchain services into the U.K.

Chris Woolard, FCA’s director of strategy and competition, told the media that the FCA is looking for areas where it can encourage innovation among startups, and compliance appears to be such an area.

Chris Woolard

Woolard said:

“We do think blockchain has the potential to be used for interesting applications, and we want to talk to companies about how they can use it in financial services and how it can benefit consumers or make compliance easier for companies.”

The regulator revealed it would take a ‘light touch’ regulatory approach towards blockchain startups in the UK. At the time, Woolard said it was vital that regulators give innovators space to create products and services.