UK Financial Watchdog Looking to Approve Blockchain Technology

A recent article by the Financial Times has brought to light information that the UK’s Finanial Conduct Authority is in the process of considering a number of firms that use blockchain technology for approval. The FCA has several groups at a pre-approval stage which are developing blockchain-based products. This move would give the companies the ability to legally start lending or undertake payment services in the UK

Speaking to the Financial Times, Chris Woolard, the FCA’s director of strategy and competition, said: “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. There may be areas where we might want to encourage it a bit.”