UK: Regulator aids Bitcoin entrance into financial services market

The head of the UK’s Financial Conduct Authority announced plans to facilitate a boost of competition in the financial services industry, a goal that includes the introduction of Bitcoin into the market.

Martin Wheatley spoke last week to announce “Project Innovate,” the FCA’s plans to promote innovation and new entry into the industry. To do so, the regulator said, the FCA will examine whether it does “enough to promote competition and create room for new entrants into the market, particularly those with novel business models.”

According to reports, the financial regulator is looking to promote the introduction of new competitors of innovative payments technologies, including the high-profile Bitcoin digital currency.

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