The Bank of Lithuania (BoL) is working on the development of a blockchain platform to support the non-financial sector. As per the report by Europe World News, the BoL unveiled that it has successfully completed the blockchain-powered sandbox ‘LBChain’ initiative.
India’s second most populous state and third-largest state by area, Maharashtra, is considering adopting blockchain tech in many fields including vehicle registration, document management systems, agriculture marketing and supply chains. The state’s administration is working on a regulatory sandbox for experimenting blockchain and distributed ledger tech (DLT) solutions across different significant applications. It really wants to enhance the efficiency, speed and efficacy of their operations.
The banking bull JPMorgan Chase considers growing a prevailing cryptocurrency and blockchain project such that it can include settlement features with the aim of outcompeting other payment giants like Ripple and TransferWise.
Sberbank and Russia’s National Settlement Depository (NSD) have partnered to conduct a test on initial coin offerings (ICO) within the regulatory sandbox. As a result, they expressed an intention to find a way for token sales implementation and other services related to the fintech.
The notion of a financial or tech sandbox, highly popularized over the last 10 years, is gaining increasing momentum across the globe, especially as regulators try to place the digital currency and Blockchain technology genies under thorough observation. For some regulators in great jurisdictions like the UK's Financial Conduct Authority (FCA) are majorly originating from positions of strength and as such, may facilitate innovations which "fit the mould" or slightly enhance status quo.
The UAE government has taken a significant step in understanding the general principles on which the fintech is based. Last Sunday, the UAE Securities and Commodities Authority (SCA) officially agreed to regulate ICOs and recognize tokens as securities for the welfare of the nation.
Sberbank CIB in a partnership with National Settlement Depository (NSD) has announced their intention to set up an Initial Coin Offering (ICO) in the Bank of Russia’s regulatory sandbox. The issuer of the digital currency will be Level One, that operates the largest lecture hall on Moscow’s financial market.
Virtual Limited Liability Companies (VLLCs) working on blockchain technology will be launched in Lithuania. The country considers the possibility of allowing entities from different parts of the world to register and operate their fintech companies there. A draft has been already processed by the Lithuanian Centre of Registers.