A number of financial regulators from across the globe are
forming a new alliance to facilitate the growth of financial technologies such
as blockchain and distributed ledger technology (DLT).
The U.K.'s Financial Conduct Authority (FCA) announced the Global Financial Innovation Network
(GFIN) initiative on Tuesday, alongside 11 other member regulators from
jurisdictions such as Hong Kong, the U.S., Australia and Abu Dhabi.
GFIN will primarily serve as a network of regulators to
discuss policies regarding financial technologies, the statement indicates, as
well as to develop a "global sandbox" that will offer firms "an
environment in which to trial cross-border solutions."
While the paper offers few details on the plan, the FCA
said the new alliance follows a consultation effort in February on the idea of
an international sandbox.
Among the 50 responses it received at the time, the FCA
said one key theme focused on how regulators around the world can work
together to pilot cross-border payments based on DLT and how to regulate
initial coin offerings, which often extend beyond borders.
Notably, several members of GFIN, including the Monetary
Authority of Singapore, Hong Kong Monetary Authority and Abu Dhabi Global
Market, are already working on cross-border payment corridors built with DLT.
Along with the announcement, the group jointly published
a consultation paper seeking public feedback on
the GFIN initiative by Oct. 14.
Just last month, the FCA also granted 11 blockchain crypto-related startups to the
fourth cohort of its sandbox program – almost 40 percent of the 29 firms
accepted – which can now trial their products in a regulated environment.
here for the orginal article from Coin Desk.