The Bank of England and FCA launch a digital securities sandbox to explore the use of DLT for financial securities

2024-10-02 10:17:10

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ChainCatcher news, the Bank of England (BoE) and the Financial Conduct Authority (FCA) have launched a Digital Securities Sandbox (DSS), allowing companies to explore how to use Distributed Ledger Technology (DLT) for the notarization, maintenance, and settlement of financial securities.

The FCA recognizes that developing technology has the potential to bring efficiency, transparency, and resilience to the market. The regulator stated that if these technologies are successfully implemented, they could make processes cheaper and faster, thereby "saving costs between the market and users." It emphasized that the DSS will facilitate the trading, settlement, and issuance of digital securities in the UK. This will be done on programmable and distributed ledgers while complying with the regulations of the Bank of England and the FCA.

The FCA added that this initiative will strengthen the UK's position as a global financial center, creating the right conditions for investment and sustainable growth.

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