Unlocking the potential of cryptoassets to enable ease of regulation and position the UK as the home of financial service digitisation and innovation

加密资产的独特属性为金融市场的各种问题提供了解决方案。部分所有权和去中心化结算等属性可能会在更广泛的金融生态系统内为服务提供提供全面、积极的变化。去年4月，政府的《英国金融科技国家报告》重申了其支持在提供金融服务中使用加密资产的立场，此后金融行为监管局（FCA）和其他机构制定了几项关键政策举措。政府认识到分布式账本技术和加密资产的价值，并希望看到英国在这一领域走在创新的前沿。支持使用加密资产的普遍愿望将更好地获得金融服务、更强大的基础设施和更广泛的采用作为数字化的主要好处。然而，过去几年的情况表明，与现有的金融服务生态系统相比，情况似乎正好相反。具体来说，我们看到两个平行的生态系统正在形成。传统的受监管生态系统，作为一个真正的全球市场，具有繁琐但有效的互操作，以及另一组高度分散的竞争加密生态系统，采用最少，几乎没有监管。作为回应，FCA确定了需要解决的三大危害：消费者、市场诚信和金融犯罪。解决这些问题将鼓励未来在该领域进行有益的创新。为了支持这一点，监管机构和相关立法机构必须建立框架，以帮助确保金融服务能够得到适当监管，并以最大限度地减少这些危害的方式提供。要使这一框架有效，现有的服务提供者和新的创新者必须能够容易地确定和获得履行其义务所需的授权。然而，加密资产技术有两个严重的局限性。首先，它们将所有权和保管权混为一谈，这意味着实现授权的任何尝试都极其困难，因为不可能清楚地描述服务需要授权的责任。其次，现有技术极其缓慢，速度慢了好几个数量级，这意味着所谓的好处只能在非常小众的环境中实现。作为一家希望寻求FCA授权作为多边贸易设施的服务提供商，该项目将开发新技术，允许在公共bb0上将所有权与托管分离，同时还将链下活动锚定于该链，以确保我们不受链表现的约束。

The unique properties of cryptoassets have promised solutions to a variety of problems in financial markets. Properties such as fractional ownership and decentralised settlement which could offer the possibility of sweeping, positive changes in the delivery of services within the wider financial ecosystem.Last April, the government's _UK Fintech - State of the Nation_ report, reiterated its position in support of the use of cryptoassets in the delivery of financial services and several key policy movements have since been made by the Financial Conduct Authority (FCA) and others. The government recognises the value of distributed ledger technology and cryptoassets, and would like to see the UK at the forefront of innovation in this area.Commonly referenced aspirations in favour of using cryptoassets cite better access to financial services, more robust infrastructure, and broader adoption as key benefits of digitisation. However the past few years have shown that, when compared to the existing financial services ecosystem, the opposite would appear to be the case.Specifically we see two parallel ecosystems forming. The traditional regulated ecosystem, with cumbersome but effective interoperation as a truly global market, and another highly fragmented set of competing crypto ecosystems with minimal adoption and almost no regulation.In response the FCA identified three major harms that need to be addressed: to consumers, to market integrity, and financial crime. Addressing these would encourage future beneficial innovation in the space. To support this, regulators and associated legislation must establish frameworks to help ensure financial services can be appropriately regulated and delivered in a way that minimises those harms.For that framework to be effective it must be possible for incumbent service providers as well as new innovators to easily identify and achieve the authorisations needed to meet their obligations.However, cryptoasset technologies have two serious limitations. First, they conflate ownership and custody, which means any attempt to achieve authorisation is extremely difficult as clearly delineating the responsibilities a service requires authorisation for is not possible. Second, existing technologies are extremely slow, by several orders of magnitude, meaning purported benefits can only be realised in very niche settings.As a service provider wishing to seek FCA authorisation as a Multilateral Trading Facility this project will develop new technology that allows separation of ownership from custody on a public blockchain while also anchoring off-chain activities to that chain in such a way ensuring we are not constrained by the chain's performance.