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The FCA’s Plans to Collaborate with Organisations for the Development of a Global Financial Innovation Network

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:

  • Act as a network of regulators to collaborate and share experience of innovation in respective including emerging technologies and business models;
  • Provide a forum for a joint policy work and discussions; and
  • Provide firms with an environment in which to trial cross-border solutions.

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.

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