FCA og Bank of England til at implementere Blockchain til lovgivningsmæssig rapportering

The U.K.’s Financial Conduct Authority and the Bank of England will deploy a blockchain network to handle regulatory reporting.

Det Forenede Kongeriges finansielle regulator, Financial Conduct Authority (FCA), vil lancere et blockchain-netværk med det formål at forbedre regulatorisk rapportering. En af de drivende faktorer bag udbredelsen af ​​blockchain-teknologi er at reducere omkostningerne ved overensstemmelseskontrol. Bank of England vil også deltage i dette initiativ.

The effort was revealed by FCA Chief Executive Nikhil Rathi, who was speaking at the Mansion House gathering in London. He noted that regulatory reports cost between £1.5 billion to £4 billion a year,

“That’s why we’re working with the Bank of England on the Digital Regulatory Reporting Initiative. By connecting to firms through blockchain and API technology and implementing machine readable and executable regulation, compliance checks can be completed in near real time.”

Among the new personnel that will be employed are data scientists and data analysts, with a £120 million budget earmarked for a more proactive approach to data gathering capabilities. Rathi also said that there would be a greater emphasis on data-heavy businesses. He feels that firms could leverage data in the future, leading to bad outcomes for end users.

FCA har taget farten op, når det kommer til regulering, sammen med mange andre lande, herunder USA og Sydkorea. Det udstedt en advarsel til borgere vedrørende Binance og sagde, at udvekslingen ikke var licenseret. Binance har siden sagt, at det ville arbejde hårdt for at sikre, at det opfyldte alle overholdelsesstandarder.

UK also ramping up regulation efforts

2021 has been a landmark year for cryptocurrencies, both in terms of market growth and regulation. The former has spurred regulators to consider regulation more thoroughly. To that end, several nations have released guidelines regarding exchanges and compliance requirements.

FCA er ikke helt imod kryptovalutaer, men ligesom US SEC ønsker den at sikre investorbeskyttelse. FCA formand Charles Randell sagde, at regulering kunne fremme væksten af ​​lovende brugssager. Samtidig understreger han også behovet for regulering for at dæmme op for ulovlig brug.

På den positive side, en kryptobørs har fået godkendelse fra FCA. Børsen, Coinpass, er fuldt registreret hos myndigheden, og FCA vurderer i øjeblikket seks andre børser.