In a statement, the regulators said they would clarify their approach in areas where firms want greater clarity, including prudential treatment, tokenised collateral, and settlement instruments.
Sarah Breeden, deputy governor for financial stability at the Bank of England, urged the private and public sectors to build on the “strong foundations” established by the Bank and the FCA as the crypto industry moves “from pilots to production to support financial stability and sustainable growth.”
Simon Walls, the FCA's executive director of markets, said tokenisation had the potential to “transform wholesale markets – reshaping how assets are issued, traded and settled.”
The central bank also confirmed plans to launch a live synchronisation service targeted for 2028, to consult on extending RTGS and CHAPS settlement hours towards near 24/7 operation, and to support HM Treasury's pilot issuance of a digital gilt instrument known as DIGIT.
