UK regulator FCA testing Bitcoin remittances

Blockchain remittance specialist Epiphyte is testing its technology in the FCA’s sandbox.
London based blockchain remittance specialist Epiphyte will be working with the UK regulator, the Financial Conduct Authority, to test cryptocurrency. Epiphyte will be working within the FCA’s sandbox, exploring ways to provide cheaper and more efficient cross-border payment services using blockchain systems such as Bitcoin.
Under the sandbox testing, Epiphyte will be providing an alternative clearing and settlement mechanism to banking systems such as SWIFT, said a statement.
Epiphyte expects to launch this service, SpecialFX, later this week or next week. It is the first such system to receive regulatory authorisation and backing.
Edan Yago, CEO of Epiphyte, said: “In practice it will be FCA regulated. But it’s regulated as part of the sandbox; so it will be authorised.”
Yago also said the FCA has provided the project with a dedicated case officer who will be collaborating with Epiphyte and essentially chaperoning the entire experiment.

This post was published at International Business Times on November 7, 2016.