The UK's Financial Conduct Authority (FCA) has found that blockchain and biometrics could boost technology-based regulatory efforts in the country.The FCA issued a call for input last November about the development and adoption of regtech, as part of efforts to explore how regulatory requirements and technology could come together through RegTech.In a 20-page report released on Wednesday, the body noted that it had received an “outstanding” level of interest from across the financial services market, including established financial services firms, technology suppliers and FinTech start-ups.In terms of general findings, the FCA wrote in a “New Directions” section that biometric technology could allow more efficient and/or robust ways to verify identity.It also had praise for the blockchain:”Distributed ledgers could improve system integrity and increase transparency. ߪ They could transform processes, reduce costs and potentially redefine how data is shared”.
UK 'regtech’ body recommends blockchain and biometrics
