12 UK Authorities Deliberates On The Future Of Blockchain
The British authorities, through its agency on finance, the Financial conduct authority, has sought to create a global initiative that will harmonize essential Fintech projects like blockchain. This is geared towards bringing together, the regulators and the blockchain oriented companies in the country and beyond.
The financial regulatory agency will be working alongside 11 major financial regulatory agencies and other related authorities, under the auspices of the Global Financial Initiative Network (GFIN). The general aim of the conversation is geared towards creating a form of understanding between the regulators and blockchain oriented firms from other countries.
The members of GFIN include:
- Abu Dhabi Global Market (ADGM),
- Autorité des marchés financiers (AMF)
- Australian Securities & Investments Commission (ASIC)
- Central Bank of Bahrain (CBB)
- Bureau of Consumer Financial Protection (BCFP, USA)
- Dubai Financial Services Authority (DFSA)
- Financial Conduct Authority (FCA, UK)
- Guernsey Financial Services Commission (GFSC)
- Hong Kong Monetary Authority (HKMA)
- Monetary Authority of Singapore (MAS)
- Ontario Securities Commission (OSC, Canada)
- Consultative Group to Assist the Poor (CGAP)
What is the Purpose of Global Financial Innovation Network (GFIN)?
Issues such as the distributive ledger technology and Artificial intelligence will be extensively discussed at the conversation organized by the GFIN. Other cogent topics that will be open to deliberation are the regulation of securities and the very controversial Initial Coin Offering (ICO).
On the reason for the creation of the GFIN, key members reiterated the fact that the main idea is to solve and tackle issues that are embedded in the administration of the technology. It will go a long way in helping the organizations to harness the benefit in the innovation in financial services for the consumers while trying to manage and if not, eradicate the potential harm that might come to the consumer.
The global alliance is part of a broader effort of the British government to become one of the drivers of blockchain technology while trying to eliminate criminal tendencies that are somehow prevalent in situations like the Initial Coin Offerings. It's also aimed at finding a way to bridge the gap of trust and love between the British regulators, blockchain oriented firms, and global financial expert.
The rise of blockchain technology in the United Kingdom is moving at a pacey rate. Last month, the British government proposed including smart contracts in their existing law. This was basically due to the change in the trend of things; the rate at which technology is improving, and it seems they do not want to be left behind.
With this new move, the direction of the British government is pretty clear. They are bent on maintaining their leadership status in the world through the adoption of the emerging blockchain technology.