French Watchdog Approves Blockchain Company in EU Network
Setl is a relatively new blockchain company that specializes in aiding the financial industry by providing blockchain solutions. The Financial Times has reported that the startup was approved by the AMF to become a member of a settlement system for the European Union. This will enable Setl to manage a CSD and link with the T2S platform.
T2S is a network worth €1 billion which is managed through the European Central Bank. It focuses on the securities settlements in European Countries and aims at speeding up payments across borders.
Origins and Future
Peter Randall along with Anthony Culligan teamed up in 2015 to create Setl. Randall used to run Chi-X, a European exchange and Culligan created Roolo, a BTC trading website. Setl is unique because it uses what is called a permissioned ledger, which gives access to a few trustworthy entities only.
The FT reports that the AMF will issue the formal approval that will allow Setl to become a member of the depository in a matter of a few weeks. It also states that the settlement should start in the early months of 2019.
Applying blockchain to various areas is a request made by a number of the members of the EU. Therefore, the European Blockchain Partnership was created in April by some EU countries in collaboration with Norway. The aim of the Partnership is to facilitate decentralization of solutions in the EU. The number of countries signing the Partnership increased until it reached 27 countries in September. The aim of the Partnership is to create more secure and effective cross-border services.
The ESMA declared in October that it has financed the monitoring of assets of fintech and crypto by more the €1 million.