UK Financial Conduct Authority in no rush to regulate blockchain tech

Regulation | February 25, 2016 By:

Christopher Woolard, director of strategy and competition at the Financial Conduct Authority (FCA), said the FCA does not plan to regulate the blockchain industry for now as it believes the technology will need “space” to grow.

“The FCA continues to monitor the development of this technology but is yet to take a stance until its application is clearer. The current development of distributed ledger technology has the potential to revolutionise financial services; whether it is the panacea of all ills in the financial world is yet to be seen,” said Woolard.

The FCA chief explained that the FCA will continue to work with firms developing distributing ledger technology solutions via the innovation scheme to ensure “consumer protections are being factored in during the development phase of this technology”.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK government, and is financed by charging fees to members of the financial services industry.