Various financial regulators from over the globe are teaming up to facilitate the development of financial technologies including those of distributed ledger – such as blockchain.
The Creation of a “Global Sandbox”
The Global Financial Innovation Network (GFIN) unites regulators from Hong Kong, the U.S., Australia, Abu Dhabi and 7 other members, as the U.K.’s Financial Conduct Authority (FCA) announced.
Essentially, the GFIN was created as a network of regulators to discuss financial technologies policy and build up a "global sandbox", providing businesses with a proper environment to trial cross-border solutions.
Key Topics Emerged
The announcement lists 4 major topics emerged in the public’s responses. One of them is concentrated on how regulators around the globe can cooperate to pilot DLT-based cross-border payments and how to handle initial coin offerings (ICOs) extending beyond borders.
In July, the FCA granted 11 blockchain cryptocurrency-related startups to the fourth cohort of the sandbox program – just about 40% of the 29 firms accepted – are now able to launch their projects in the environment.