Today the Global Financial Innovation Network (GFIN)
announced it was accepting applicants that wish to test financial innovations across more than one jurisdiction. GFIN includes 29 international regulators including the UK’s Financial Conduct Authority (FCA), the Monetary Authority of Singapore (MAS), the Hong Kong Monetary Authority (HKMA) and the Australian Securities & Investments Commission (ASIC). GFIN is likely to be relevant for blockchain projects though blockchain is not explicitly mentioned.
Until 28 February the group is inviting applications from firms to participate in a pilot for cross border testing. It’s a test for both GFIN and the firms.
The network plans to support pilots for testing innovative products, services and business models across multiple jurisdictions. But for those hoping to apply once and be accepted by multiple regulators, that’s not how it works. It’s still necessary to apply separately to each one. That’s because each has its own national regulations. So a firm that wishes to test in three jurisdictions has to meet the separate eligibility requirements of all three.
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