Why is this important?

Traditionally, emerging technologies such as blockchain are met with suspicion and mistrust. And it’s no wonder why — within the blockchain space there have been endless disastrous events; hacks of exchanges and wallet services, as well as outright scams, all resulting in people losing their money. It has to stop. This all is detrimental to the fundamentally unbiased nature of a new technology and taints it in the eyes of the wider world.

At TokenCard we’re addressing these industry issues in several ways — firstly through the product itself, secondly by working very closely with regulators. The FCA Sandbox is part of this process.

We believe that complying with applicable regulation is the only way to move the industry forward as it is at that point that traditional players will consider working with what are currently viewed as “edge technologies.” We believe strongly in appropriate government regulation and oversight to bring the nascent blockchain industry to a state where customers and partners are comfortable and trusting of companies that operate within it.

The Sandbox will provide an environment in which we can deliver TokenCard to users whilst simultaneously providing the FCA with an insight into our processes and policies. The goal for us is to demonstrate we can uphold the necessary high standard of customer protection and general compliance whilst providing the world with cutting-edge services. Through this setup, the FCA can witness and ultimately advise us on our operations.