• Sun, 26 May 2019, 11:02 PM
  • All times are UTC
  • Edition:
    International
Link copied

Global financial regulators team up to launch global fintech sandbox

Wed, 08 Aug 2018, 09:27 am UTC

The UK Financial Conduct Authority (FCA), together with 11 global financial regulators and related organisations, has announced the formation of the Global Financial Innovation Network (GFIN).

The initiative builds on the FCA’s proposal earlier this year to create a ‘global sandbox’. The FCA said that it received 50 responses to the earlier paper, with key themes centered on regulatory cooperation, speed to market, governance, and emerging technologies including artificial intelligence (AI), distributed ledger technology (DLT), regulation of securities and Initial Coin Offerings (ICOs), and know your customer (KYC), among others.

Participating organizations include Abu Dhabi Global Markets; Autorité des marchés financiers (Québec); Australian Securities & Investments Commission; Central Bank of Bahrain; United States Bureau of Consumer Financial Protection; Dubai Financial Services Authority; Financial Conduct Authority; Guernsey Financial Services Commission; Hong Kong Monetary Authority; Monetary Authority of Singapore; Ontario Securities Commission; and Consultative Group to Assist the Poor (CGAP).

GFIN aims to provide a platform for innovative firms to better interact with regulators and trial cross-border solutions. In addition, it will also create a framework to facilitate co-operation between financial services regulators on innovation.

“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,” Christopher Woolard, FCA Executive Director of Strategy and Competition and Board member, said.

The GFIN has launched a consultation on the role it should play in order to deliver its objectives, including the tools it will use. It is seeking views on the mission statement for the GFIN, its proposed functions, and where it should prioritise activity.

The group has set 14 October 2018 as the deadline for the feedback on the consultation questions and will assess feedback and agree on next steps in the autumn.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,628.25 (+7.08%)
  • Ethereum (ETH) $265.09 (+5.13%)
  • XRP (XRP) $0.405400 (+4.73%)
  • Bitcoin Cash (BCH) $430.98 (+6.03%)
  • Litecoin (LTC) $110.08 (+7.45%)
  • Bitcoin (BTC) $8,628.25 (+7.08%)
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
07:25
California resident sued for alleged $26M crypto Ponzi scheme
06:33
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
06:16
Rep. Swalwell accepting bitcoin donations in bid for US presidency
06:10
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
05:12
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
05:07
Binance CEO CZ seeks compensation for reputational damage from Sequoia
04:06
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
03:57
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
03:14
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
12:15
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
12:11
Coinstar extends bitcoin buying service to 21 US states
11:38
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft