Bitcoin
$38,035.41+0.28%
Ethereum
$2,039.41-0.56%
Binance Coin
$226.68-0.69%
XRP
$0.60839555-0.61%
Solana
$60.56+3.47%
Cardano
$0.38131104-0.73%
Dogecoin
$0.08147341+1.22%
Tron
$0.10603592+2.52%
Toncoin
$2.45+0.03%
Chainlink
$14.62+0.10%
Avalanche
$21.28+2.65%
Polygon
$0.76585129+2.05%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

UK Finance Watchdog Adds More Blockchain Startups to Regulatory Sandbox

One of the UK's top finance regulators is expanding its regulatory 'sandbox' to include more blockchain startups.

By Wolfie Zhao
AccessTimeIconJun 15, 2017 at 6:20 p.m. UTC
Updated Sep 11, 2021 at 1:27 p.m. UTC
big ben

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

One of the UK's top finance regulators is expanding its regulatory 'sandbox' to include more blockchain startups.

Last November, the Financial Conduct Authority (FCA) revealed that it was including nine such startups in its program, which aims to offer a test environment for new financial products. In the second iteration of the sandbox initiative, the FCA is adding a total of 24 startups, nine of which are blockchain-related.

Christopher Woolard, the FCA's executive director of strategy and competition, said in a statement:

The nine blockchain companies are BlockEx, Disberse, Nivaura, Nuggets, OKLink, Oraclize, Paylinko, Sabstone and ZipZap. Out of that group, Nivaura took part in the previous round.

"The sandbox continues to grow in popularity and it is particularly encouraging that both the number of firms applying and accepted for testing has increased in cohort two. That means more innovative firms, trialling more innovative propositions to bring to the market. This is an important part of the FCA’s commitment to promoting innovation and competition in the markets we regulate."

Many of the startups are using the the tech to automate data transmission, financial asset transaction, and cross-border payments, among other applications. The FCA said it received a total of 77 submissions.

The application window for the third stage of the initiative is open until 31st July, with those accepted expected to begin in November.

London image via Shutterstock

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Nivaura. 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.