UK Financial Authority Seek To Promote Blockchain Growth with Global Alliance

2018-8-8 11:25

Collaboration between regulators and companies with regards to fintech innovations like blockchain technology is expected to improve after the UK Financial Conduct Authority (FCA) announced the launch of a new global initiative.

The new alliance called Global Financial Innovation Network (GFIN) will work together with 11 financial authorities and related organizations and has the objective of helping startups communicate more efficiently with the regulators as they scale their ideas across the globe.

According to the press release, the three primary functions of the GFIN will include acting as a network for regulators to collaborate and share the experience of innovation in respective markets, including emerging technologies and business models, providing a forum for joint policy work and discussions, and providing firms with an environment for cross-border solutions.

Sharing his thoughts on the latest achievement by the FCA, Christopher Woolard, the agency’s Executive Director of Strategy and Competition said,

“The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.”

Emerging technologies that will come under the watch of the GFIN includes the distributed ledger technology (DLT) and artificial intelligence (AI). Also, cryptocurrency exchanges could benefit in one way or the other since the alliance is also tasked with improving the regulation of securities and Initial Coin Offerings (ICOs) as well as know your customer (KYC) and anti-money laundering (AML) cases.

In the long run, it is expected that the new initiative will “harness the benefits of innovation in financial services for consumers while managing the potential harm.”

The bigger picture

The FCA has made a move that calls to mind a July analysis made by the Big Innovation Centre, DAG Global, and Deep Knowledge Analytics. The report predicted that the UK will become a leader in blockchain technology and the crypto economy by 2022 and right now, a move in the right direction has been made.

It may be an early cry, but the new initiative could solve one of the biggest problems facing blockchain startups and companies, that of communicating clearly with regulators from different jurisdictions. This will likely freshen up the ecosystem and lead to the incubation of new blockchain ventures within the next four years, and maybe then the prediction will come true.

The post UK Financial Authority Seek To Promote Blockchain Growth with Global Alliance appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 1.3667 (-100%)

financial global authority alliance blockchain growth seek

financial global → Результатов: 126


Financial Stability Board releases framework for global crypto-asset regulation

The Financial Stability Board, an international body that monitors and makes recommendations about the global financial system, has finalized its global regulatory framework for crypto-asset activities and published several “high-level” recommendations for the regulation, supervision, and oversight of the crypto industry and markets.

2023-7-18 23:25


Lykke to list AMLT by Coinfirm on the Lykke Exchange

Lykke, a FinTech company building a regulated, blockchain-based global marketplace, will add Coinfirm’s AMLT token to the list of tradable assets on the Lykke Exchange. A leading global RegTech enterprise focused on anti-money laundering for blockchain, Coinfirm created AMLT as the native token of The Coinfirm AML/KYC Platform for major crypto players, ICOs and financial institutions.

2018-7-31 13:18


Фото:

To accelerate global financial environmental improvement via polymath, shifty blackhain

Shyft, a worldwide blockchain-based network that helps secure sharing of attested and compliant data, and the world’s first security token development platform, Polymath, have signed a Letter of Understanding, according to which, the latter will become a functioning ecosystem partaker and data provi… The post Polymath, Shyft to expedite global financial ecosystem progress via blockchain

2018-7-30 18:29


Фото:

Bitwise Files With SEC for Cryptocurrency ETF

Bitwise Asset Management is the latest venture to apply for a cryptocurrency exchange-traded fund (ETF). Called the Bitwise HOLD 10 Cryptocurrency Index Fund, the ETF will track the returns of the company’s HOLD 10 Index, a “market-cap-weighted index of the 10 largest cryptocurrencies” that captures roughly 80 percent of the total cryptocurrency market capitalization.

2018-7-25 02:18


Credit Suisse Upgrades Square Stock Price Due To Cryptocurrency Payments Involvement

Credit Suisse, one of the leading global financial services for clients in nearly every facet of finance around the world is finally dipping their toes into the water of cryptocurrency. The company has worked hard to overhaul Square, giving the business payment processor and assistant for point of sale solutions an upgrade that has provided […]

2018-7-24 12:46


G20 Adopts FSB Recommendation on Cryptocurrencies, Cryptocurrency is Not a Threat to Global Financial System

The G20, yesterday, adopted the recommendation of the Financial Services Board (FSB) by declaring that cryptocurrency posed no threat to the stability of the global financial system. The G20 also reiterated the need for better monitoring of the market to prevent the use of virtual assets in financial crimes and sponsorship of terrorism. G20 Adopts […]

2018-7-24 09:28


G20 Adopts FSB Recommendation on Cryptocurrencies, Cryptocurrency is Not a Threat to Global Financial System

The G20, yesterday, adopted the recommendation of the Financial Services Board (FSB) by declaring that cryptocurrency posed no threat to the stability of the global financial system. The G20 also reiterated the need for better monitoring of the market to prevent the use of virtual assets in financial crimes and sponsorship of terrorism.

2018-7-24 23:40


Фото:

The former vice president of North American investment banking at JPMorgan Chase has said that blockchain “may be the key to avoiding the next global financial crisis,” the China Economic Times reports today, July 23.

The former vice president of North American investment banking at JPMorgan Chase has said that blockchain “may be the key to avoiding the next global financial crisis,” the China Economic Times reports today, July 23.

2018-7-23 17:30