As the CFPB seeks to provide greater regulatory clarity for fintech startups on this side of the Atlantic, the UK FCA is putting its weight behind fintech as part of its Project Innovate initiative.
The UK FCA's director of strategy and competition spoke earlier this week about the potential of distributed ledger technology and the need to build a robust regulatory regime for new technologies. Despite this, it appears that the FCA is working hard to clear the regulatory runway ahead of blockchain's take-off.
"We are particularly interested in exploring whether blockchain technology can help firms meet know your customer or anti-money laundering requirements more efficiently and effectively," Woolard said. "We are engaged in discussions with government and industry on this issue."