Today, the Bank of England and the FCA have opened the Digital Securities Sandbox for applications. This is a major milestone in the adoption of digital asset technologies in regulated securities markets in the UK. I'm proud of the work that my team at the Bank has done over the past months and years to set up the Sandbox, including listening closely to the industry so that we design something that encourages investment in new technology in a safe and sustainable way for UK wholesale markets. Some of the changes that we have made as a response to feedback to our April consultation paper include: - Greater flexibility in firm-level limit allocations - Expansion of eligible assets to include non-GBP denominated securities - The introduction of a regular discussion forum for DSS entrants and regulators - More proportionate minimum capital requirements To find out more, including how to apply, please visit our webpage: https://lnkd.in/giG2D9H3 #digitalassets #sandbox #tokenization #tokenisation #fintech #DLT #blockchain
The Bank of England and Financial Conduct Authority have opened the Digital Securities Sandbox (DSS) for applications. The opening of the DSS marks a key milestone in the innovation of wholesale markets in the UK. The DSS will provide a regulated live environment for innovators in financial market infrastructure to create and trade digital securities – so that opportunities created by this innovation can be maximised in a way that keeps our financial system safe. We will apply flexible and proportionate regulations created specifically to facilitate this activity. Flexible rules allow us to make adjustments as we learn more to support the safe development and implementation of these technologies. The Bank’s Deputy Governor for Financial Stability, Sarah Breeden, explains more about the DSS in the below video. Find out more on the Bank of England’s DSS website: https://lnkd.in/eb8TcssS
Congratulations, Kushal! This is a truly exciting and innovative step in the bank’s digital transformation journey
Congratulations Kushal, a fantastic achievement to get to this point!
Head of Debt Capital Markets, EMEA
5moThis is great can’t wait to catch up and chat Kushal