Speaking at a digital assets summit, FCA Head of Capital Markets Helen Boyd revealed hopes for the British Treasury to launch a Digital Securities Sandbox.
The British Treasury Aims To Launch A Sandbox For Digital Securities In The First Quarter Of Next Year
Speaking at a digital assets summit, FCA Head of Capital Markets Helen Boyd revealed hopes for the British Treasury to launch a Digital Securities Sandbox by the end of the first quarter of 2023.
A sandbox is a controlled testing environment for innovative products before they go to market. Boyd distinguished between the FCA's current regulatory sandbox and the new DSS, which will have bespoke regulations allowing for various operations involving digital securities.
While the FCA is presently awaiting powers from the Treasury through legislative changes as a result of a consultation phase, Boyd expects the sandbox to function as a learning experience and aims to get industry feedback on future rules. She believes that once traditional securities are represented on blockchains, tokenization would “revolutionize” trading, settlement and clearing.
Earlier in September, the FCA gave a final warning to crypto businesses for failing to comply with new financial promotion restrictions.
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