40% of UK regulated sandbox companies deploy distributed ledger technology

hyip investor blog hongwei 2018-7-5 Crypto News 15 0 0

The UK Financial Conduct Authority (FCA) announced the fourth batch of 29 companies that have successfully applied for regulatory agencies in the sand table, 40% of which use distributed ledger technology (DLT). The Regulatory Sandbox is a program designed to help organizations test a variety of products and services in a real-time market environment with appropriate consumer protection, but without restrictive regulation.

According to a notice issued on July 3, the Financial Conduct Authority (FCA) announced the fourth batch of 29 companies that successfully applied for sandboxing in regulators, 40% of which use distributed ledger technology (DLT).

The Regulatory Sandbox is a program designed to help organizations test a variety of products and services in a real-time market environment with appropriate consumer protection, but without restrictive regulation. The sand table is part of the “Innovate” program launched in 2014 to promote competition. According to reports, Innovate has received more than 1,200 applications and supported more than 500 companies.

FCA received 69 applications for companies participating in the fourth round of sandbox, 29 of which will begin testing. More than 40% of companies are using DLT technology, and six of them are using DLT to automatically issue debt or equity. Two of them are applying DLT support insurance terms, and companies are using DLT technology in geolocation technology, application programming interfaces (APIs) and artificial intelligence (AI).

The regulator also revealed that “a few” companies that have been approved for testing are related to “encrypted assets”. According to reports, they will analyze whether the solution is suitable for the customer and “effectively manage the related risks.” Christopher Woolard, head of the strategy and competition department of the FCA, said that this is “the largest sandbox queue to date, and the application that meets our eligibility criteria is broken. The record."

In March of this year, with the successful launch of the British sand table, FCA launched the global financial technology regulatory sand table. Woolard later said he believes that a sand table needs to be built globally so that the company can “scale up.” According to Woolard, 90% of companies participate in the first round of applications for the UK sandbox, including many blockchain companies and startups.

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