The UK Financial Supervision Authority (FCA) is ready to issue permits for a number of start-ups that work in the fintech field and offer solutions based on blockchain technologies. According to the publication, FCA is closely watching the “small but significant number of firms” involved in the launch of the departmental program Project Innovate.
To date, 177 start-ups have passed through the specially designed Project Innovation Regulatory Sandbox. 40 of them are likely to receive approval for continuing operations.
“We believe that blockchain technology has great potential in terms of creating truly interesting applications. We are in dialogue with the financial services market, and there are certain areas in which we could give them a little more incentive, “said FCA Strategy and Competition Director Chris Woolard.
In September 2017, FCA also told in the interview to The Financial Times that most of the tokens sold under various ICOs fall under the current legal and regulatory framework of the country.
“Many ICOs do not fall into a regulated field. Nevertheless, depending on the structure and features of the token, some of the investments may be regulated by law. Companies and firms participating in the ICO can carry out regulated activities, “said the representative of the FCA.
True, the regulator did not specify in which cases the provisions of the legislation in the sphere of securities and the stock market will be applied, and in which there are not.