As part of its effort to become a global "crypto centre", the UK will begin testing blockchain technology for traditional market activities such as stock and bond trading.

According to the statement made by Gwyneth Nurse, Director General of Financial Services at the UK Ministry of Finance, support for cryptocurrencies is now starting to be given priority to blockchain technology in the UK. According to Nurse, the UK plans to launch a “sandbox” next year to test DLT initiatives in FMI.

This move is known to be a paradigm pioneered by the UK authorities to develop fintech companies. In particular, the newly established "sandbox" is a test environment used for initiatives involving real clients.

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Nurse pointed out that she made the following statements at the annual IDX derivatives conference in London:

   “The government may also want to test how commerce and blockchain can combine.”

Nurse, who stated that the government might want to test the blockchain technology, concluded his statements with the following words.

   "Sandbox will allow testing new regulatory practices and making permanent changes to ensure market users benefit."

Stating that the sandbox technology will be used extensively in these testing and regulation processes, Gwyneth Nurse, General Manager of Financial services at the UK Ministry of Finance, seems to remain hopeful about these new technologies.

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US Department of Justice calls for international coordination on crypto laws

The US Department of Justice recommends more international cooperation between law enforcement on crypto and blockchain. Developed with other US agencies following the Biden administration's crypto-related executive order, the DOJ report also recommended harmonizing information sharing and anti-money laundering and customer recognition rules.

The US Department of Justice report was prepared in response to the executive order. In the introduction, US Attorney General Merrick Garland wrote, "The increased use of digital assets in the global financial system has significant implications for investors, consumers and businesses, increasing the risk of crime such as money laundering, ransomware, terrorist financing, fraud."