UK FCA and other regulators set up Global Financial Innovation Network

Posted 08 August, 2018

The global financial regulators are creating an ally aimed at boosting the development of financial technologies, in particular, blockchain and DLT.

The new network called the Global Financial Innovation Network will comprise the UK Financial Conduct Authority and 11 regulators from Hong Kong, the USA, Australia, the UK and other countries. 

GFIN will play the role of the regulators' group for cooperation and discussion of the policies in the corresponding financial sectors. Moreover, it will enable companies to test in its framework their cross-border projects.

It is worth mentioning that earlier the Financial Conduct Authority asked for consultations regarding an international sandbox this February and received mostly positive comments on it. I

"We are keen to hear from all interested parties on the mission statement, how this network will work in practice, what this network should prioritise and focus on to encourage innovation in the right way and ideas for how regulators and other stakeholders can work together to take it forward," the authority noted.

In addition, the group also opened for the public its consultation document willing to get feedback on GFIN before October 14 2018.

For reference, FCA allowed another 11 crypto companies to join its sandbox, which accounts for 40% of all projects in the programme.

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08 August, 2018 16:29

← OKEx rolls out first community-managed exchange

Hong Kong-based cryptocurrency exchange – OKEx – announced the launch of new platform CoinAll under the Open Partnership programme. CoinAll will open access for companies taking part in the Open Partnership to services and features of OKEx. Specifically, they will enjoy clearing, hot/cold wallets, verification systems AML/KYC.

OKEx rolls out first community-managed exchange

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08 August, 2018 12:37

One more Swiss bank starts dealing with cryptos →

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One more Swiss bank starts dealing with cryptos
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