Latest Blockchain News: Great Britain
The question of blockchain and cryptocurrencies regulation is currently raised in many countries around the world. Some governments encourage crypto innovations while others introduce more and more regulations on cryptocurrencies. Let’s find out on which side UK is playing.
Currently, cryptocurrencies fall under no regulations in UK, however, on April 9, The FCA, the Financial Conduct Authority of UK, has announced a 2018-2019 business plan to publish a review of cryptocurrencies this year. It is currently working on it together with the Treasury of the UK and the Bank of England (BoE).
The government view of cryptocurrencies will be issued for both regulation and support of crypto technologies. Let us remind you that FCA has already released guidelines for cryptocurrency derivatives which state that they have to be licensed by the FCA.
The FCA has also mentioned that it would release the global fintech regulatory sandbox which will allow testing fintech innovations with no need to wait for regulatory approval. FCA hopes it will help to increase competition and reduce potential harms.
A day after the UK announcement, Brussels held a ‘Digital Day 2018’ which gathered 22 European countries. At the event, the European Blockchain Partnership was signed, which was joined by the UK as well. The aim of the partnership is to create a friendly environment where blockchain technologies can be easily spread throughout Europe. UK also hopes to be kept in the partnership after the withdrawal from the EU.
One more blockchain news from the UK is the release of the official proof of concept by BoE. Having developed it with Chain, the bank aimed at exploring the ways distributed ledgers can enable privacy.