{"id":1056,"date":"2016-08-22T17:12:00","date_gmt":"2016-08-22T17:12:00","guid":{"rendered":"https:\/\/blog.holytransaction.com\/2016\/08\/the-fca-wants-to-approve-blockchain-startups-in-england.html"},"modified":"2023-01-08T05:53:37","modified_gmt":"2023-01-08T03:53:37","slug":"the-fca-wants-to-approve-blockchain-startups-in-england","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/08\/the-fca-wants-to-approve-blockchain-startups-in-england.html","title":{"rendered":"The FCA wants to approve blockchain startups in England"},"content":{"rendered":"<div style=\"text-align: justify;\">In fact, a \u201csmall but significant number of firms\u201d that use the blockchain and works in the fintech industry could officially receive the <b>FCA authorization<\/b>.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">To do so, the FCA is looking for <a href=\"https:\/\/holytransaction.com\/blog\/2016\/08\/isle-of-man-blockchain-proof-of-concept-project.html\">blockchain projects<\/a> involved in the <a href=\"https:\/\/www.the-fca.org.uk\/firms\/fintech-and-innovative-businesses\"><b>Project Innovate<\/b><\/a>\u00a0program.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The FCA is evaluating more than 150 startups and 40 of them will be approved for further study.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The number of blockchain startups is growing fast, but regulators are always concerned about illegal activity and bitcoin volatility.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The FCA director of strategy and competition, <b>Chris Woolard<\/b> explained:<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>&#8220;We do think blockchain has got some potentially interesting applications and we are talking to firms thinking about how to apply that to financial services and how it could benefit consumers or indeed make the business of compliance easier.\u2014 There may be areas where we might want to encourage it a bit.&#8221;<\/i><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He explains the <b>FCA will announce more details about this project by the end of 2016.\u00a0<\/b><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">These startups will be the first to receive approval from the English FCA.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\">Blockchain investments<\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Companies such as Greenwich Associates, <a href=\"https:\/\/news.bitcoin.com\/ey-report-blockchain-critical-mass\/\">EY<\/a>, <a href=\"https:\/\/news.bitcoin.com\/accenture-digital-asset-holdings-launch-new-blockchain-consulting-firm\/\">Accenture<\/a>, and PwC explained that they believe that <b>financial institutions will spend $1 billion USD for the distributed ledger<\/b> technology during the current year.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><b>Jeremy Millar of Ledger Partners<\/b> said:<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>&#8220;Reports have claimed up to $100bn could be saved on the post-trade settlement process by using blockchain. Another estimate by Goldman Sachs said there could be $50bn of savings in the US repo market alone. The numbers are huge.&#8221;<\/i><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><b>The technology behind Bitcoin is growing its popularity within the fintech industry.<\/b> More and more financial institutions and governments are developing and studying its applications.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This way, the English FCA could be the next authority to officially recognize the potential of the ledger.<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>In fact, a \u201csmall but significant number of firms\u201d that use the blockchain and works in the fintech industry could officially receive the FCA authorization. To do so, the FCA is looking for blockchain projects involved in the Project Innovate\u00a0program. The FCA is evaluating more than 150 startups and 40 of them will be approved [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,101,265,290,523,606],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The FCA wants to approve blockchain startups in England -<\/title>\n<meta name=\"description\" content=\"Stay informed about the FCA&#039;s plans to approve blockchain startups in England. 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