UK Regulators Publish Feedback on Tokenisation Ahead of Wholesale Market Overhaul

The UK Financial Conduct Authority (FCA) and the Bank of England (BoE) have published a joint Feedback Statement on tokenisation in wholesale financial markets. The statement summarises industry responses to their Call for Input on the future of tokenisation, which was issued in May 2026.

The Regulators received 123 responses, with respondents generally supportive of the commitments made by the FCA and BoE, but calling for faster progress and greater regulatory certainty. The main near-term benefit of tokenisation is likely to be improving collateral mobility, and the Regulators are progressing work on tokenised collateral.

The Regulators remain technology-agnostic and will approach tokenisation based on the principle 'same risk, same regulatory outcome.' They also expect traditional and tokenised markets to co-exist for a prolonged period. The FCA plans to consult on rules for safeguarding relevant specified investment cryptoassets in 2027.