Following approval by the French Security Regulator, Setl, a Blockchain startup based in the United Kingdom, is about to enter an European Union settlement system to run a central securities depository.
According to the Financial Times, who publoshed this on Tuesday 23 said, Setl, a developer of blockchain solutions for the financial sector, got its license from the Autorite des Marches Financiers which would see it connect to the Target2-Securities platform — a €1 billion pan-European network for securities settlement run by the European Central bank with the aim to increase the speed of cross-border payments.
It noted that an official approval for Setl to join the depository is expected to be issued in a few weeks time, while the settlement is expected to be launched in early 2019.
Setl was launched in 2015 by the former CEO of the alternative European stock exchange Chi-X Peter Randall and Anthony Culligan, founder of peer-to-peer bitcoin trading website Roolo.
Setl, has been modified to work in such a way that only trusted parties are allowed to see it, which is quite different from other blockchain developers, which uses a “permissioned ledger.”
E.U. countries have already been seeking blockchain implementation in different areas.
It would be recalled that in April, 2018, several E.U. member states and Norway created the European Blockchain Partnership to promote decentralized solutions throughout the union. By late September, however, by 27 countries , including the U.K., France, Germany, and Malta joined group.
The aim of the Partnership is to make cross-border services — such as logistics and the regulatory sphere — safer and more efficient.
In early October, the European Securities and Markets Authority (ESMA) said over 1 million euro has been set aside for monitoring fintech and crypto assets.