The Bank of England (BoE) and the Financial Conduct Authority (FCA) started a consultation on the draft guidance for their digital securities sandbox, which is designed to allow participants to test distributed ledger technology (DLT) in financial services. The sandbox – a controlled environment where firms can test their products – is planned to last five years. The U.K. has taken steps in recent months toward becoming a crypto hub, including ushering in legislation to enable crypto to be treated as a regulated financial activity. The U.K. brought in legislation enabling the FCA and the BOE to run the sandbox in December.
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