British FCA Creates Global FinTech Sandbox with Scope to ICO, DLT Technology

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British FCA Creates Global FinTech Sandbox with Scope to ICO, DLT Technology

The British Financial Conduct Authority (FCA) has launched a ‘global sandbox’ for financial technology industry (FinTech) in a bid to provide a platform for testing cross-border ideas in a light regulatory environment and to encourage cooperation between regulators and multinational companies, FCA said on Tuesday. Called Global Financial Innovation Network (GFIN), it targets various FinTech initiatives like the crypto crowdfunding model of Initial Coin Offerings (ICOs) and the distributed ledger technology (DLT) sector.

Now FCA along with ten international partners including the United States Bureau of Consumer Financial Protection (CFPB) is accepting recommendations about the Global Financial Innovation Network and its mission before launching GFIN’s full-scale activities

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