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>>The UK will appoint a digital chief to manage the process of transforming financial markets into tokenized assets.

The UK will appoint a digital chief to manage the process of transforming financial markets into tokenized assets.

crypthub

about 24 hours ago

New UK Digital Markets Champion

The UK is establishing a “digital markets champion” to guide the transition to blockchain-based financial infrastructure. This official will coordinate private sector efforts focused on tokenizing wholesale financial instruments. The role aims to align technical development with regulatory priorities within the financial system. The announcement was made during the Digital Assets Week conference in London.

Dematerialisation Taskforce

A new Dematerialisation Market Action Taskforce is being formed to oversee the shift away from paper-based shareholding. This group will concentrate on replacing physical share certificates and improving market efficiency. The goal is to modernize financial infrastructure and streamline processes. The initiative builds upon the government's Wholesale Financial Markets Digital Strategy.

Digital Gilts and Competition

The UK is actively pursuing the development of blockchain-based sovereign debt instruments, known as digital gilts, under the “DIGIT” framework. Procurement is underway to select technology providers for digital gilt issuance. This move aligns with similar efforts by countries like France, Singapore, and the United States, highlighting growing competition in tokenization. Focus remains on wholesale markets, but potential for retail applications is under discussion.

Future Implications

Tokenization pilots will likely raise questions surrounding access, interoperability, and settlement speed. Industry observers view the UK’s initiatives as a test case for reshaping post-trade workflows. Successful implementation could impact how custodians, clearinghouses, and regulators handle infrastructure upgrades.