In a speech yesterday, Nikhil Rathi, the CEO of UK regulator the Financial Conduct Authority (FCA), said its blockchain regulatory reporting initiative is making progress.
He estimated that regulatory reports cost firms £1.5bn ($2bn) to £4bn ($5.5bn) a year with 20,000 rules across 58,000 firms.
The Digital Regulatory Reporting Initiative (DRR) is a joint project with the Bank of England that will provide the option of connecting to the blockchain or via APIs to provide regulatory reports. When it launches, it won’t just save firms money but should allow compliance checks to be completed in almost real-time. The exploratory initiative started in 2018 and is currently in its third phase.
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