The UK’s Financial Conduct Authority (FCA) announced that it will run a digital pilot of a sandbox to encourage innovation by companies developing solutions to address the COVID-19 pandemic on May 4.
While registration is not yet open, FCA welcomes initial expressions of interest from companies.
FCA launches digital testing environment in the midst of coronavirus
The FCA said it has been exploring the concept of a digital testing environment since before the coronavirus outbreak.
Find out how many blockchain projects are geared exclusively to COVID-19 research. However, the virus prompted the regulator’s decision to launch an initial pilot to test aspects of its digital test environment to accelerate the development of solutions for COVID-19.
The digital test environment will offer enhanced versions of the
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features currently available through the FCA Innovation Center, the Regulatory Sandbox, and TechSprint programs to enable „innovative companies to experiment and develop proofs of concept in a digital test environment.
The FCA will also play a more active collaborative role within the Digital Test Environment, emphasizing that it will maintain an „open dialogue“ with industry while conducting the pilot to encourage collaboration.
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FCA will collaborate with the participants of the sandbox
The FCA names a number of applications that it hopes to foster through the Digital Test Environment, including several that are synonymous with distributed recording technology (DLT).
The regulator hopes to encourage the development of „access to high-quality data assets, including synthetic or anonymous data sets to enable the testing and validation of technology solutions.
A „monitoring platform to enable regulators and other stakeholders to observe tests running at the technical level“ and „vendor market(s)“ are also mentioned as initiatives that the FCA is expected to encourage, applications for which blockchain has been shown to facilitate greater privacy, transparency and significant efficiency savings.
New York City Hospitals Use IBM Blockchain Technology to Help Fight Coronavirus. Companies working to build application programming interfaces (APIs) or to facilitate coronavirus-related regulatory support are also encouraged to express interest in the digital testing environment.