UK Tokenisation Hits Critical Mass as Regulators Release Feedback Statement
The UK's Financial Conduct Authority (FCA) and Bank of England have released a feedback statement, FS26/1, after receiving 123 responses to their work on tokenisation in wholesale financial markets.
The call for input opened on May 18 and closed on July 3. Market participants largely supported the regulators' objectives but asked them to move beyond trials and provide a route to production, scale, and permanence.
The FCA and Bank of England plan to develop a joint tokenisation roadmap with target dates for work on wholesale tokenisation, including issuance, settlement, collateral treatment, central bank money, market functioning, custody, and the Bank's Digital Gilt Instrument pilot. The first date is later in 2026, and the second date is the first half of 2027.