Top UK Blockchain Initiatives

Blockchain hype is settling, but its widely agreed the technology still holds a lot of potential promise.

Here are some of the leading blockchain initiatives launched in the UK.

Isle of Man Global Hub

Isle of Man Global Hub

In early February 2019 an advisory body on the Isle of Man launched a global hub for the development of blockchain initiatives. The body, the Digital Isle of Man, launched the Blockchain Office, as well as the Isle of Man Sandbox, that will help blockchain companies experiment with the technology within the evolving regulatory landscape.

The Sandbox has been open to applications from blockchain companies from March 2019 that are looking for support developing and testing the tech.

The Isle of Man has long been bullish on both cryptocurrency and blockchain, there even exists a 'local cryptocurrency', the MannCoin.

FCA innovate

FCA innovate

The UK's Financial Conduct Authority (FCA) set up FCA Innovate, a sandbox initiative which allows companies to request support and also test out their service within a regulatory sandbox.

Although not explicitly a blockchain initiative, 40 percent of the firms selected for the fourth cohort were blockchain based.

Cryptoassets Taskforce

Cryptoassets Taskforce

In 2018, a Cryptoassets Taskforce was convened by the government to carry out research and outline the UK's approach to cryptoassets in financial services.

British minister for digital and the creative industries Margot James said at a 2018 Blockchain Conference: "In March, the government established a crypto assets taskforce comprising the Treasury, the Bank of England and the FCA to explore the risks and potential benefits of crypto assets and other applications of distributed ledger technology in financial services to assess what if any regulation is required in response."

The group released a comprehensive report on the topic in July 2018.

Innovate UK

Innovate UK

In 2018, Innovate UK, the UK government's 'innovation agency' pledged £19 million to funding new blockchain projects.

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