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UK FCA selects four blockchain firms for third phase of regulatory sandbox
The UK Financial Conduct Authority (FCA) has announced the names of the firms that have been selected to begin testing in the third cohort of its sandbox.
Four blockchain-based companies have made it to the list this year, which includes Chynge, Etherisc, ResonanceX, and Solidi. The FCA has selected a total of 18 applications for the third cohort out of 61 submissions.
The FCA’s regulatory sandbox is a part of Innovate, an initiative kicked off in 2014 to promote competition in the interest of consumers. It allows firms to test innovative products, services or business models in a live market environment, while ensuring that appropriate protections are in place.
“Since we first opened the sandbox, it has supported almost 70 firms in testing innovative new products and services. It is particularly encouraging that we are now seeing more applicants from outside London and a broader range of firms testing in the sandbox. As we open the application window for our next sandbox cohort, we continue to encourage applications from firms of all sizes and from a wide range of sectors, including sectors we haven’t seen heavily represented in the sandbox to date,” Christopher Woolard, executive director of strategy and competition at the FCA, said.
The FCA has opened the applications for the fourth sandbox phase. Interested firms can send their applications until 31 January 2018.