Categories: News

UK Financial Regulator Publishes DLT Feedback

Earlier this year, the UK Financial Conduct Authority (FCA) published a discussion paper and sought out stakeholder views on distributed ledger technology (DLT) and its future development potential for the markets that it currently regulates.

The results are in

The FCA has now published that feedback. The regulator received a total of 47 responses from local and international trade associations, consultants, regulated firms, and law firms.

According to reports, the stakeholders welcomed the FCA’s technology-neutral approach to regulation, but they also voiced support for the Sandbox initiatives, meant to test out DLT innovations prior to public deployment. Respondents mentioned that DLT solutions could help provide and deliver on regulatory requirements considerably better than current systems can, while reducing costs for both regulators and firms operating in the DLT market.

However, concerns were also raised regarding the computability of the FCA’s current regulatory regime and permissionless networks. It seems the FCA is open to all forms of DLT deployment, regardless of whether the networks are permissioned or permissionless, as long as the potential operational risks are quickly identified and resolved by the service providers.

In a recent press statement, the FCA’s Director of Strategy and Competition, Christopher Woolard, said the following:

Related Post

The original paper opened a discussion about DLT and the volume and breadth of responses we received from the industry demonstrate the significance of this issue. DLT has the potential to transform practices across a number of markets, sharpening competition and improving risk management. At the same time, we have to be alive to the risks of certain applications of it. We will continue to work with a range of agencies and firms to ensure a co-ordinated approach to the use of DLT in financial services.

In regards to initial coin offerings, the regulator says it will soon begin closely examining the market, and then determine whether further regulatory action is needed.

 

 

Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

Share
Published by
Daniel Dob

Recent Posts

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

6 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

16 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

16 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

16 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

16 hours ago

Plus Wallet vs. OKX: A Look at Security, Privacy, and Global Accessibility

A Complete Comparative Analysis of Plus Wallet & OKX: Security, Privacy, Accessibility & Rewards Choosing…

22 hours ago