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To stay up with the quick speed of technological advancement, the financial authority of Britain has opened up to public opinion over the ‘sandbox’ for trading digital assets in the actual world situation.
The sandbox allows testing new services in the market, with real customers, but within a controlled environment.
In a joint proposal, the Financial Conduct Authority and the Bank of England stated that new regulations would be added to the sandbox to allow businesses to test out new technologies such as distributed ledgers.
Draft guidelines for how companies would apply to operate inside the sandbox and scale up operations are being consulted by the authorities.
The Bank of England and FCA said, “for the first time, they will be able to provide these services from a single legal entity.” They added, “The adoption of new technology in this area, if done safely, could lead to a technological transformation that will promote greater efficiency and resilience in the financial system in the long run.”
“The new Digital Securities Sandbox reshapes how we regulate by allowing firms to test regulatory changes using real-world situations before these changes are made permanent. We hope this will be a more effective, collaborative and quicker way of delivering regulatory change,” the press release states.
Other News
Most recently, the subsidiary of GSR Markets has secured a significant payment institution (MPI) from the Singaporean Financial Authority (MAS). The company won approval on April 01, 2024, from MAS Singapore.
The press release of the GSR Markets quotes that it is the first company to secure the entire MPI license in the nation. It is crucial to note that presently, 19 companies are offering cryptocurrency services and digital payment token services, and they also have MPI licenses.
Hester Peirce, the Commissioner of the SEC, has criticized the regulator’s efforts and guidance over crypto custody. She also urges enhanced public interactions. Peirce is primarily known as ‘Crypto Mom.’
During the yearly SEC Speaks conference on April 2, 2024, Peirce notes that a “particularly pernicious weed” had flourished in the “secret garden” of SEC policy guidelines.
Crypto Market Price Overview
In the last 24 hours, the cryptocurrency market capitalization surged 1.18%, reaching $2.52 Trillion as of writing. The market is experiencing higher highs since the beginning of 2024.
The market leader, Bitcoin, added 1.12% to its intraday trading price at $66,802. Similarly, Ethereum, the second most popular crypto in the market, grew 1.06% and is trading at $3,353.
The intraday gainers list is led by Ethena(ENA), which added 19.54% to its trading price, Mantle (MNT) grew 8.89%, and Bitcoin SV 7.21%. In the past few months, the market has been led by the recently debuted memecoins, some reaching above $4.00 soon after listing below $0.50.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
