Speaking at the Digital Assets Summit, the FCA's Head of Capital Markets, Helen Boyd, revealed hopes for a UK Digital Securities Sandbox to be launched by the end of the first quarter of 2023.
A sandbox is a controlled testing environment for innovative products before they enter the market. Boyd makes a distinction between the FCA's current regulatory sandbox and the new Digital Securities Sandbox, which will have its own regulations allowing for different digital securities transactions.
While the FCA is now awaiting authorization from the Treasury thanks to legislative changes resulting from the consultation phase, Boyd expects the sandbox to function as an experiment and hopes to get feedback from the industry on future rules. She believes that when traditional securities are represented on the blockchain, tokenization will "revolutionize" trading, settlement and clearing.
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A sandbox is a controlled testing environment for innovative products before they enter the market. Boyd makes a distinction between the FCA's current regulatory sandbox and the new Digital Securities Sandbox, which will have its own regulations allowing for different digital securities transactions.
While the FCA is now awaiting authorization from the Treasury thanks to legislative changes resulting from the consultation phase, Boyd expects the sandbox to function as an experiment and hopes to get feedback from the industry on future rules. She believes that when traditional securities are represented on the blockchain, tokenization will "revolutionize" trading, settlement and clearing.
#economy #news