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.