BoE regulatory ‘culture shift’ could open door to new tech
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The Bank of England’s proactive regulatory shift aims to integrate emerging technologies, highlighted by the introduction of the Digital Securities Sandbox. The Bank of England (BoE) and the Financial Conduct Authority (FCA) are set to take on a “proactive” and flexible regulatory approach through the Digital Securities Sandbox (DSS). According to BoE Executive Director Sashi Mills, this initiative signifies “a cultural shift for regulators.” At City Week 2024, Mills discussed the financial markets, the role of innovation in maintaining financial stability, and the DSS’s role “to support innovation.” The DSS will function under “a more flexible rulebook,” capable of adapting based upon “observations from activity in the DSS.” Mills says this will allow regulators to employ new methodologies, maximize the potential benefits of innovation, and “manage financial stability risks.” Read more Source: https://cointelegraph.com/news/boe-regulations-embrace-emerging-technologies
Filed under: News - @ May 23, 2024 2:18 am