In this opinion piece, Marcus van Abbé, Head of Digital Market Infrastructures at enterprise blockchain firm R3, compares the EU’s DLT Pilot Regime to the UK’s Digital Securities Sandbox.
Both the UK and the EU have emerged as fintech powerhouses over the past few years. London, Paris and Berlin all frequently appear on lists of the world’s top ten fintech hubs, each contributing several billion dollars to their respective economies and sitting right at the forefront of innovation.
This has stoked competition, with governments and regulatory bodies in both regions looking to inch ahead in the race to a financial services revamp. To this end, the EU’s digital finance package and the UK’s Financial Services and Markets Act (FSMA), their respective landmark digital finance guidelines, both set out proposals to utilise distributed ledger technology sandboxes to enable enduring financial services innovation.
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