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.
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.
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 group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. 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.