Plans have been reported that the Financial Conduct Authority (FCA) of the UK is currently developing the Global Financial Innovation Network (GFIN). The project’s intention is for the creation of a global sandbox for regulators and tech innovators to share their experiences and concepts to develop the framework needed for better cooperation. Many projects fail to attract investors to buy crypto for their ICO due to differences in regulatory frameworks between nations.
The FCA’s collaboration with 11 financial regulators sets out the GFIN’s primary functions as stated in the announcement:
These set out the primary functions of GFIN, however as this is a sandbox, suggestions and proposals to the group’s statement and its functionality is welcomed to improve its network.
Most organisations supported the sandbox for regulatory cooperation and the need for transparency with hopes the project will not stifle innovation, but in fact increase the pace at which products and proposals are brought to the space.
The FCA’s regulatory sandboxes are part of a collaboration between the US and UK on Financial Technology (FinTech) innovation. We could see more sandboxes introduced for the regulation of the industry and to protect those looking to buy Bitcoin.
Perhaps we could be looking at the network that solidifies the regulatory framework needed for blockchain organisations to reach the global mainstream.
For all the recent news going on in crypto or to buy and sell Bitcoin. Be sure to come to your trusted Bitcoin broker, BC Bitcoin.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards