The Financial Conduct Authority (FCA) is working on a blockchain-based system for regulatory reporting the Bank of England, Finextra reports. FCA Chief, Nikhil Rathi, said at the annual Mansion House the agency wants to decrease expenses for regulatory reports which currently cost up to £4 billion (~$5,5 billion) a year.
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"By connecting to firms through blockchain and API technology and implementing machine readable and executable regulation, compliance checks can be completed in near real time," Rathi said.
Plans for the blockchain technology come after the FCA announced in July that it wants to extend its influence across the whole of the UK. Back then, the regulator revealed plans to open an office in Leeds with at least 100 staff.
Earlier in September, the FCA warned it will put more regulatory burden on the cryptocurrency market because of the decentralized way the digital assets are made. Particularly, FCA Chair, Charles Randell, emphasized that any system of regulation would require a business "seeking registration or authorization with the FCA."
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