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28 blockchain/crypto startups might soon operate within the British market

Published 1 year ago

28 blockchain/crypto startups might soon operate within the British market

Chepicap via chepicap.com

One of Britain’s most influential financial regulatory bodies will allow 28 blockchain companies to test their products in the real market. In other words, it’s a matter of time until the British market and technology industry will be conquered by blockchain. The Financial Conduct Authority (FCA) set up a “regulatory sandbox” that provides a sort of real-life experiment for startups that involve “innovative products, services, business models, and delivery mechanisms”.

This allows new products or concepts to be tested in the actual market within a controlled environment. Hundreds of projects applied and the results published over this month suggest that well under half of them will be effectively allowed to perform real-life tests as part of the sandbox. However, among the lucky 40% or so that were accepted you will find an overwhelming number of blockchain- and cryptocurrency- oriented businesses.

In reference to these projects, the FCA stated that they are “keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks.” These declarations, along with the fact that 28 out of 89 startups accepted employ blockchain, smart contracts, cryptos or distributed ledgers, reveal the overall sentiment of the British market - and regulators - towards the crypto industry. The prospects are, in fact, optimistic enough for the London Stock Exchange Group to allow one of these projects operate on the third largest exchange in the world. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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