ARTICLE · 11 OCTOBER 2024

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UK Digital Securities Sandbox – The Final Framework

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The Bank of England and Financial Conduct Authority have now launched the UK Digital Securities Sandbox. This allows regulated market infrastructures and new entrants to apply to operate digital securities...

United KingdomCorporate/Commercial Law

Sophia Le Vesconte

The Bank of England and Financial Conduct Authority have now launched the UK Digital Securities Sandbox. This allows regulated market infrastructures and new entrants to apply to operate digital securities market infrastructure within a more flexible legal and regulatory environment. The final framework is largely based on the regulators' initial proposals, but with a number of welcome adjustments.

Background

The Financial Services and Markets Act (FSMA) 2023 empowered the Treasury to create financial market infrastructure (FMI) sandboxes. These were intended to promote innovation by allowing for experimentation with novel market infrastructure models within a live, regulated environment. The Digital Securities Sandbox (DSS) is the first FMI sandbox to be created under those powers.

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