The UK's Financial Conduct Authority (FCA) has approved the regulatory technology (RegTech) company Eunice to conduct experiments in its sandbox, marking one of the clearest indications to date of how the country intends to build its forthcoming cryptocurrency rulebook.
On Wednesday, the FCA announced that Eunice will test a set of standardized cryptocurrency disclosure templates in collaboration with major exchanges including Coinbase, Crypto.com, and Kraken. The company will assess whether these templates can enhance transparency when used in a real-world environment.
The FCA also emphasized that its regulatory sandbox is still accepting applications from companies wishing to test their ideas. Colin Payne, the FCA's Director of Innovation, stated, "We encourage any company looking to test similar solutions to apply to help shape our approach to the regulation of crypto assets."
By testing industry-led tools rather than relying on theoretical policies, the FCA indicates that future cryptocurrency rules will be developed through practical trials and real-world feedback.
Cointelegraph reached out to Eunice for comment but had not received a response by the time of publication.
Yi Luo, co-founder and CEO of Eunice, stated that the sandbox provides a space for regulators and industry members to work together to strengthen the foundation of the UK cryptocurrency market.
She mentioned that the project aims to bring more integrity and transparency to cryptocurrencies during a time of increasing institutional participation.
She said, "Leading the charge on information disclosure is a point of pride for Eunice, which was established to bring integrity and transparency to digital assets."
The pilot project is also directly related to the FCA's broader policy agenda. According to the regulator, these disclosure templates were created in response to last year's discussion paper on access and disclosure, which encouraged the industry to contribute technical expertise and shape early thinking on future rules.
Eunice's sandbox experiment aligns with the broader regulatory push, complementing the FCA's multi-year cryptocurrency roadmap, which is expected to unveil the UK's final cryptocurrency rules by 2026.
Over the past year, the UK has implemented a series of regulatory changes aimed at providing clarity for the cryptocurrency industry.
The FCA has tightened financial promotion rules for cryptocurrency companies, issued warnings to unlicensed cryptocurrency exchanges operating in the country, and published a comprehensive discussion paper on access, disclosure, and market abuse risks related to crypto assets.
Recently, the actions taken by UK regulators indicate a more supportive stance towards cryptocurrencies. On August 1, the FCA lifted its ban on exchange-traded notes (ETNs) linked to cryptocurrencies for retail investors, allowing UK consumers to participate in cryptocurrency-based ETN products.
On September 17, the FCA began consulting on whether traditional financial rules regarding consumer responsibility should apply to cryptocurrencies, which require companies to deliver good consumer outcomes.
Related: "Cryptocurrency ETFs: Launched at the Wrong Time" - Altcoin products face market headwinds.
Original article: “UK FCA Tests Industry Cryptocurrency Disclosure in Sandbox Pilot”
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