News ยท Regulation & Policy
Nikhil Rathi announced an upcoming roadmap with the Bank of England and planned consultations on asset custody as market participants demand an exit from sandbox pilots.
Key point 1 of 3
01
The FCA and Bank of England will publish a joint roadmap transitioning wholesale tokenization from testing sandboxes to permanent market infrastructure .
Key point 2 of 3
02
The regulator plans to consult on specific safeguarding rules to clarify asset ownership for tokenized investment products .
Key point 3 of 3
03
Industry feedback across 120 submissions cited "pilot fatigue" and urged faster integration of on-chain post-trade settlement .
Context
The FCA has steadily built out its digital asset regime, having finalized its stablecoin structure, published a fund tokenization policy in April, and approved HSBC Orion for live digital securities depository services.
Why it matters
Wholesale financial institutions, fund managers, and digital custody providers operating in the UK will face updated asset safeguarding requirements and clearer pathways to commercialize on-chain market products.
What to watch
Publication of the joint FCA and Bank of England tokenization roadmap, followed by the release of the consultation paper on asset safeguarding rules.
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