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UK FCA Adds 3 Blockchain Firms to Regulatory Sandbox

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UK FCA Adds 3 Blockchain Firms to Regulatory Sandbox

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The Financial Conduct Authority (FCA) of the United Kingdom has given the green light to three blockchain-based businesses to be part of the latest cohort of its regulatory sandbox.

Yesterday’s announcement named Diro Labs as one of the blockchain companies accepted by the FCA for conducting tests on a “short-term and small-scale basis”. The startup is said to be utilizing “central blockchain-based store of information” for identity verification online.

The second firm is Fintech Delivery Panel Partners, who has been given the nod to pilot a “decentralized digital identity platform using machine learning identity verification and blockchain-based key management”.

The last, Nuggets, is a payments and digital identity platform that will test blockchain storage of personal and payment data, for onwards access of financial service products.

This is the fifth sandbox cohort containing both UK and foreign firms. The regulator said it received 99 applications into the current round:

“Examples of propositions that have been accepted include digital identity solutions, platforms which tokenize issuance of financial instruments, and services aimed at facilitating greater access to financial services for vulnerable consumers.”

Last year, almost half of all the applicants accepted into the sandbox’s fourth cohort were related to blockchain and crypto businesses.

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