The UK’s Financial Conduct Authority (FCA) opened the Digital Securities Sandbox (DSS) for applications at the end of September. It relaxes certain rules for DLT market infrastructures. Some of the first applicants have already received preliminary approval, although admittedly it doesn’t mean that much because they can’t go live. However, given it’s only been six weeks since applications opened, it appears the FCA plans to move fast.
The two entities that have announced preliminary approval are (intended) central securities depository (CSD) Montis (owned by Archax) and ClearToken, which plans to operate as a central clearinghouse for crypto and tokenized assets. ClearToken is backed by Nomura’s Laser Digital and Standard Chartered’s Zodia Custody, amongst others.
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