FCA Archives - CryptoSens https://cryptosens.pro/tag/fca/ Latest Cryptocurrency News Thu, 03 Oct 2024 09:05:49 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://cryptosens.pro/wp-content/uploads/2022/09/cropped-cropped-Favicon-512x512-2-32x32.png FCA Archives - CryptoSens https://cryptosens.pro/tag/fca/ 32 32 BoE and FCA launch Digital Securities Sandbox to explore DLT https://cryptosens.pro/2024/10/03/boe-and-fca-launch-digital-securities-sandbox-to-explore-dlt/?utm_source=rss&utm_medium=rss&utm_campaign=boe-and-fca-launch-digital-securities-sandbox-to-explore-dlt https://cryptosens.pro/2024/10/03/boe-and-fca-launch-digital-securities-sandbox-to-explore-dlt/#respond Thu, 03 Oct 2024 09:05:49 +0000 https://cryptosens.pro/2024/10/03/boe-and-fca-launch-digital-securities-sandbox-to-explore-dlt/ boe-and-fca-launch-digital-securities-sandbox-to-explore-dlt

The DSS has the “potential to improve efficiency and reduce costs” in financial markets The sandbox will boost…

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  • The DSS has the “potential to improve efficiency and reduce costs” in financial markets
  • The sandbox will boost the UK’s position as a “vibrant financial centre”
  • The DSS will operate until December 2028, but could be extended

The Bank of England (BoE) and the UK’s Financial Conduct Authority (FCA) have launched a sandbox exploring new technologies such as distributed ledger technology (DLT) and how it can be applied to improve efficiency in financial markets.

In an announcement, the BoE and the financial regulator said they had opened the Digital Securities Sandbox (DSS), encouraging innovative firms to test the DLT for financial markets.

According to the FCA, the DLT has the “potential to improve efficiency and reduce costs in wholesale markets, benefitting industry and investors.”

“We believe the DSS could also lead to a quicker, more effective and collaborative way of delivering regulatory change.”

The FCA stated that the initiative’s aim will help boost the UK’s leading position as a “global and vibrant financial centre” by providing the best environment for “investment, innovation, and sustainable growth.”

The DSS will be operational until December 2028, but the FCA noted that this could be extended by the UK government. Applications for applying will close around March 2027 giving regulators and firms time to transition to a permanent regime.

Scope of the DSS

The BoE and the FCA have said that the DSS has four stages: testing, go live, scaling, and a permanent regime.

During the second “go live” stage, firms in the DSS will be involved in activities including issuing, trading, and settling real digital securities. According to the FCA, “the aim of the DSS is that these securities should be capable of being used in broadly the same way as traditional securities.”

The FCA noted that these can include equities, corporate and government bonds, money market instruments, fund units, and emissions allowances.

Last July, the FCA launched its digital sandbox as a testing environment for firms to see how their products would perform at an early stage of development. At the time, the FCA said that the digital sandbox fosters innovation and growth, and that its development environment allows experimentation while safeguarding the data assets on the platform.

The post BoE and FCA launch Digital Securities Sandbox to explore DLT appeared first on CoinJournal.

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Wallet in Telegram app temporarily blocked for UK users due to restructuring https://cryptosens.pro/2024/09/25/wallet-in-telegram-app-temporarily-blocked-for-uk-users-due-to-restructuring/?utm_source=rss&utm_medium=rss&utm_campaign=wallet-in-telegram-app-temporarily-blocked-for-uk-users-due-to-restructuring https://cryptosens.pro/2024/09/25/wallet-in-telegram-app-temporarily-blocked-for-uk-users-due-to-restructuring/#respond Wed, 25 Sep 2024 19:02:19 +0000 https://cryptosens.pro/2024/09/25/wallet-in-telegram-app-temporarily-blocked-for-uk-users-due-to-restructuring/ wallet-in-telegram-app-temporarily-blocked-for-uk-users-due-to-restructuring

Telegram users in the United States are also restricted from using the Wallet in Telegram app due to…

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Telegram users in the United States are also restricted from using the Wallet in Telegram app due to financial regulations.

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British police arrest two Londoners suspected of running $1.2b crypto exchange https://cryptosens.pro/2024/06/20/british-police-arrest-two-londoners-suspected-of-running-1-2b-crypto-exchange/?utm_source=rss&utm_medium=rss&utm_campaign=british-police-arrest-two-londoners-suspected-of-running-1-2b-crypto-exchange https://cryptosens.pro/2024/06/20/british-police-arrest-two-londoners-suspected-of-running-1-2b-crypto-exchange/#respond Thu, 20 Jun 2024 13:01:48 +0000 https://cryptosens.pro/2024/06/20/british-police-arrest-two-londoners-suspected-of-running-1-2b-crypto-exchange/ british-police-arrest-two-londoners-suspected-of-running-$1.2b-crypto-exchange

The British FCA alongside the Metropolitan Police Service has arrested two individuals, suspected of running an illegal multi-billion…

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The British FCA alongside the Metropolitan Police Service has arrested two individuals, suspected of running an illegal multi-billion crypto exchange. The Financial Conduct Authority (FCA), in collaboration with the Metropolitan Police Service, has arrested two residents of London suspected of…

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Hester Peirce proposes for cross-border digital securities sandbox https://cryptosens.pro/2024/05/30/hester-peirce-proposes-for-cross-border-digital-securities-sandbox/?utm_source=rss&utm_medium=rss&utm_campaign=hester-peirce-proposes-for-cross-border-digital-securities-sandbox https://cryptosens.pro/2024/05/30/hester-peirce-proposes-for-cross-border-digital-securities-sandbox/#respond Thu, 30 May 2024 21:01:48 +0000 https://cryptosens.pro/2024/05/30/hester-peirce-proposes-for-cross-border-digital-securities-sandbox/ hester-peirce-proposes-for-cross-border-digital-securities-sandbox

SEC Commissioner Hester Peirce proposed a cross-border digital securities sandbox in response to a joint consultation by the…

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SEC Commissioner Hester Peirce proposed a cross-border digital securities sandbox in response to a joint consultation by the Bank of England and the Financial Conduct Authority (FCA). The proposal aims to foster innovation and enhance regulatory oversight by allowing firms…

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OKX introduces new UK rules under FCA requirements https://cryptosens.pro/2024/01/03/okx-introduces-new-uk-rules-under-fca-requirements/?utm_source=rss&utm_medium=rss&utm_campaign=okx-introduces-new-uk-rules-under-fca-requirements https://cryptosens.pro/2024/01/03/okx-introduces-new-uk-rules-under-fca-requirements/#respond Wed, 03 Jan 2024 06:02:09 +0000 https://cryptosens.pro/2024/01/03/okx-introduces-new-uk-rules-under-fca-requirements/ okx-introduces-new-uk-rules-under-fca-requirements

OKX exchange is set to implement new compliance measures for its U.K.-based consumers to comply with the upcoming…

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OKX exchange is set to implement new compliance measures for its U.K.-based consumers to comply with the upcoming FCA regulations. 

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UK investment funds get green light for tokenisation https://cryptosens.pro/2023/11/25/uk-investment-funds-get-green-light-for-tokenisation/?utm_source=rss&utm_medium=rss&utm_campaign=uk-investment-funds-get-green-light-for-tokenisation https://cryptosens.pro/2023/11/25/uk-investment-funds-get-green-light-for-tokenisation/#respond Sat, 25 Nov 2023 01:01:33 +0000 https://cryptosens.pro/2023/11/25/uk-investment-funds-get-green-light-for-tokenisation/ uk-investment-funds-get-green-light-for-tokenisation

UK authorised funds can now develop and implement tokenisation models. The green light comes after the Technology Working…

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  • UK authorised funds can now develop and implement tokenisation models.
  • The green light comes after the Technology Working Group of the Government’s Asset Management Taskforce published its report on UK fund tokenisation.
  • The HM Treasury and the Financial Conduct Authority (FCA) collaborated on the initiative.

UK investment funds have the approval to develop tokenisation, with the development coming after the establishment of a government taskforce on asset management earlier this year.

The announcement follows the publication of a report on tokenisation by the Technology Working Group of the Government’s Asset Management Taskforce, the Investment Association (IA) said in a press release.

According to the industry body, the ‘UK Fund Tokenisation – A Blueprint for Implementationreport includes input from HM Treasury and the Financial Conduct Authority (FCA) and provides for a roadmap on use of distributed ledger technology (DLT) for fund tokenisation in the UK.

Milestone for UK funds industry

Allowing tokenised funds to adopt DLT in their operations, from sales to redemptions has the potential to open the industry to further growth, Michelle Scrimgeour, Chair of the Working Group and CEO at Legal & General Investment Management, said in a statement.

“Today marks a milestone in the implementation of tokenisation within the UK’s fund industry. Fund tokenisation has great potential to revolutionise how our industry operates, by enabling greater efficiency and liquidity, enhanced risk management and the creation of more bespoke portfolios,” Scrimgeour added.

The FCA said it welcomed the Working Group’s report, noting that it sets out guidelines on adoption of tokenisation models within the UK’s current legal and regulatory framework.

“We welcome the report today which identifies a way forward for tokenisation and has concluded that there are no significant regulatory barriers to the adoption of the proposed baseline model,” said Sarah Pritchard, FCA’s executive director of Markets and International.

UK’s support for innovation

Today’s announcement comes just a day after UK Finance Minister Jeremy Hunt proposed legislation for the country’s Digital Securities Sandbox. As highlighted by CoinJournal, the initiative aims at promoting digital assets use in financial markets. 

The initiative adds to the recently outlined Digital Sandbox that the FCA envisioned for early-stage digital assets firms.

Together with the passage of a key markets law recognizing crypto trading as regulated activity there’s been clarity on stablecoin regulation. As other developments come into the picture, what the industry sees are milestones that align with the UK’s quest to become the global hub for blockchain and web3 innovation.

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PayPal earns recognition as cryptoasset business in the UK https://cryptosens.pro/2023/11/02/paypal-earns-recognition-as-cryptoasset-business-in-the-uk/?utm_source=rss&utm_medium=rss&utm_campaign=paypal-earns-recognition-as-cryptoasset-business-in-the-uk https://cryptosens.pro/2023/11/02/paypal-earns-recognition-as-cryptoasset-business-in-the-uk/#respond Thu, 02 Nov 2023 00:01:33 +0000 https://cryptosens.pro/2023/11/02/paypal-earns-recognition-as-cryptoasset-business-in-the-uk/ paypal-earns-recognition-as-cryptoasset-business-in-the-uk

According to an Oct. 31 update, PayPal UK Limited secured registration as a cryptoasset business by the Financial…

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According to an Oct. 31 update, PayPal UK Limited secured registration as a cryptoasset business by the Financial Conduct Authority (FCA).

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Impact of FCA’s new crypto rules: market shifts and high-profile exits https://cryptosens.pro/2023/10/26/impact-of-fcas-new-crypto-rules-market-shifts-and-high-profile-exits/?utm_source=rss&utm_medium=rss&utm_campaign=impact-of-fcas-new-crypto-rules-market-shifts-and-high-profile-exits https://cryptosens.pro/2023/10/26/impact-of-fcas-new-crypto-rules-market-shifts-and-high-profile-exits/#respond Thu, 26 Oct 2023 03:02:37 +0000 https://cryptosens.pro/2023/10/26/impact-of-fcas-new-crypto-rules-market-shifts-and-high-profile-exits/ impact-of-fca’s-new-crypto-rules:-market-shifts-and-high-profile-exits

FCA’s enforcement of new advertising guidelines triggers changes in the UK crypto space, prompting high-profile exits and the…

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FCA’s enforcement of new advertising guidelines triggers changes in the UK crypto space, prompting high-profile exits and the birth of compliance gatekeepers.

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Are Bitcoin (BTC) ATMs a menace? https://cryptosens.pro/2023/10/24/are-bitcoin-btc-atms-a-menace/?utm_source=rss&utm_medium=rss&utm_campaign=are-bitcoin-btc-atms-a-menace https://cryptosens.pro/2023/10/24/are-bitcoin-btc-atms-a-menace/#respond Tue, 24 Oct 2023 03:02:20 +0000 https://cryptosens.pro/2023/10/24/are-bitcoin-btc-atms-a-menace/ are-bitcoin-(btc)-atms-a-menace?

Bitcoin (BTC) ATMs have become both a convenience and a concern, with scammers exploiting unsuspecting victims. Authorities in…

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Bitcoin (BTC) ATMs have become both a convenience and a concern, with scammers exploiting unsuspecting victims. Authorities in the U.S. and other jurisdictions are now waging war against crypto ATM-based scams.

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Exploring FCA’s new crypto promotion rules and their implications https://cryptosens.pro/2023/10/11/exploring-fcas-new-crypto-promotion-rules-and-their-implications/?utm_source=rss&utm_medium=rss&utm_campaign=exploring-fcas-new-crypto-promotion-rules-and-their-implications https://cryptosens.pro/2023/10/11/exploring-fcas-new-crypto-promotion-rules-and-their-implications/#respond Wed, 11 Oct 2023 23:03:54 +0000 https://cryptosens.pro/2023/10/11/exploring-fcas-new-crypto-promotion-rules-and-their-implications/ exploring-fca’s-new-crypto-promotion-rules-and-their-implications

With the FCA’s new regulations, UK crypto firms face enhanced oversight, setting a potential global precedent for crypto…

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With the FCA’s new regulations, UK crypto firms face enhanced oversight, setting a potential global precedent for crypto marketing standards. Read how.

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