In recent regulatory news, U.K. minister, Eddie Hughes has published a report that advocates for the creation of a “Chief Blockchain Officer,” the U.K. Financial Conduct Authority has announced that a number of distributed ledger (DLT) companies have been accepted into cohort 4 of its regulatory sandbox, and Finland’s Central Bank has published a report calling cryptocurrency a “fallacy.”
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U.K. Minister Calls for Creation of “Chief Blockchain Officer”
Tory MP, Eddie Hughes, has distributed a report to other ministers titled “Unlocking Blockchain,” which advocates for greater adoption of distributed ledger technology in the praxis of government, and calls for the creation of a new government position of “Chief Blockchain Officer.”
Mr. Hughes argues that the Chief Blockchain Officer “should be appointed from within the government’s existing task force to coordinate the U.K.’s strategy regarding the application of DLT to public services and data.” The report argues that the position should be expanded to cover emerging technologies such as artificial intelligence as such converge with distributed ledger technology.
The report also advocates the establishment of a long-term target of “making a 1 percent efficiency saving” through embracing distributed ledger technology.
DLT Companies Enter FCA Regulatory Sandbox
The United Kingdom’s Financial Conduct Authority (FCA) has released a list of the 29 businesses “that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms.” The businesses accepted were among 69 firms that applied for cohort 4 of the regulatory sandbox.
A number of the firms are involved in the distributed ledger technology industry, including Blockex – a “platform that facilitates the issuance and manages the lifecycle of
