UK-based blockchain companies to get FCA approval soon

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http://www.econotimes.com/UK-based-blockchain-companies-to-get-FCA-approval-soon-265046

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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.

 

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http://themerkle.com/uk-fca-will-greenlight-several-blockchain-companies-soon/

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This is good news, as there is no blockchain solution integrated into commercial activities. Many projects are still in a proof of concept stage, but that situation will come to change shortly. One of the companies to be greenlighted is Ripple, as they are working on integrating their blockchain platforms with banks.

Cheers @Morty

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34 minutes ago, rippledigital said:

One of the companies to be greenlighted is Ripple,

That's awesome!   It's funny how the most hard-working companies are the "luckiest" ones.