UK regulators are reportedly moving forward with efforts that would find blockchain firms exiting a sandbox program aimed at encouraging innovation.
According to a report by The Financial Times, the UK Financial Conduct Authority (FCA) is currently considering whether to approve several blockchain-based products for use by domestic consumers and businesses.
Sources told the news source a "small but significant number" of projects are being reviewed, and that details would be made available in the coming months.
FCA directory of strategy and competition Chris Woolard told the media outlet that the FCA is looking at startups in areas where the regulator may be keen to encourage innovation, and that compliance may be one such sector.
Woolard was quoted as saying:
The comments come months after the agency indicated its openness toward a light-touch regulatory approach to blockchain startups in the UK. At the time, Woolard said it was "crucial" that regulators give innovators room to create products and services.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.