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The U.K.’s Financial Conduct Authority and the Bank of England will deploy a blockchain network to handle regulatory reporting.
The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), will launch a blockchain network with the intention of enhancing regulatory reporting. One of the driving factors behind the deployment of blockchain technology is to reduce the costs of compliance checks. The Bank of England will also participate in this initiative.
The effort was revealed by FCA Chief Executive Nikhil Rathi, who was speaking at the Mansion House gathering in London. He noted that regulatory reports cost between £1.5 billion to £4 billion a year,
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