11 finance regulators from around the world are building new alliances to help develop technology, including blockchain.
The Financial Conduct Authority (FCA) announced the launch of the Global Financial Innovation Network (GFIN) in conjunction with 11 other regulators from jurisdictions such as the US, Australia, Hong Kong and Abu Dhabi. The FCA provided information that this alliance was created after discussing the idea of creating a global regulatory “sandbox”.
It should be noted that the Hong Kong Monetary Authority, the Singapore Monetary Authority and the Abu Dhabi Global Market have already begun work on cross-border payment corridors that are based on distributed registry technology.
A consultative document has already been submitted asking for an answer to the GFIN until October 14, 2018. FCA also provided access to its regulatory sandbox for another eleven crypto-currency start-ups, accounting for about 40% of the 29 companies currently participating in the program.
GFIN intends to be a network for regulators, in which they will be able to discuss legislative financial and technical policies. According to the agency, a “global sandbox” will be developed, in which companies will be able to test transboundary solutions that were discussed in February this year. Within the framework of this discussion, 50 responses were provided. One of the key topics is the joint work of regulators from different parts of the world to test distributed registry intergovernmental payment technologies, as well as ICO regulation, which is governed by several jurisdictions.