Jump to content

UK-based blockchain companies to get FCA approval soon


Recommended Posts



The Financial Conduct Authority (FCA), a financial regulatory body in the UK, is considering approving firms using bitcoin’s underlying blockchain technology.

Speaking with Financial Times, the financial watchdog said that a number of groups in its preapproval stage are engaged in the development of blockchain-based consumer-facing and compliance products.

“We do think [blockchain] has got some potentially interesting applications and we are talking to firms thinking about how to apply that to financial services and how it could benefit consumers or indeed make the business of compliance easier,” Chris Woolard, the FCA’s director of strategy and competition, told the Financial Times. “There may be areas where we might want to encourage it a bit.”

According to FT, the companies are being assessed as part of the FCA’s Project Innovate.Launched in October 2014, Project Innovate seeks to provide direct support to innovative firms and also focuses on policy and process improvement. It includes a “regulatory sandbox” that allows businesses to test out new, innovative financial services without incurring all the normal regulatory consequences of engaging in those activities.


Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...