UK regulators are reportedly moving forward
with efforts that would find blockchain firms exiting a sandbox program aimed
at encouraging innovation.
According to a report
by The Financial Times,
the UK Financial Conduct Authority (FCA) is currently considering whether to
approve several blockchain-based products for use by domestic consumers and
businesses.
Sources told the news source a "small but
significant number" of projects are being reviewed, and that details would
be made available in the coming months.
News that the FCA is
developing an approval process for blockchain projects comes months
after bitcoin payments firm Circle Internet Financial became the first to
receive an e-money license in April, a move that enabled it to formally extend services to the UK.
FCA directory of strategy
and competition Chris Woolard told the media outlet that the FCA is looking at
startups in areas where the regulator may be keen to encourage innovation, and
that compliance may be one such sector.
