We’re excited to announce today that we have been selected to participate testing in the first group of the UK Financial Conduct Authority’s Regulatory Sandbox. Today also marks our broader entry into the UK and European markets.
The Regulatory Sandbox is part of the FCA’s Project Innovate. It aims to create a ‘safe space’ where businesses can test innovative products, services and business models in a live environment without all the immediate, normal regulatory consequences involved.
As part of this test, we will be running specific tests for both our Enterprise and Consumer business.
The Enterprise tests will focus on the use of the Luno FALCON protocol (Fast and Low Cost Offsetting Network) to help existing, licensed remittance businesses move British pounds (GBP) to other local currencies. It will be done using the blockchain and virtual currencies like Bitcoin as a clearing and settlement mechanism.
We’re very excited to be working in the regulatory sandbox with the FCA’s Project Innovate team to test this revolutionary technology, and to ultimately make financial transactions faster, cheaper and safer for consumers.
We see these tests as an important first step in building further trust and confidence in Bitcoin and blockchain technology. We believe that this type of constructive co-operation between all stakeholders will be critical to the long-term success of our industry.