Innovate Finance welcomes the joint vision published by the Financial Conduct Authority (FCA) and the Bank of England (the ‘Authorities’), as it provides a critical foundation for the United Kingdom to establish itself as a global leader in tokenised wholesale markets. This joint vision represents a significant step toward harnessing the efficiencies of distributed ledger technology (DLT) to improve market resilience, transparency, and liquidity, and unlocking innovation and supporting UK growth and competitiveness.

We welcome the Authorities approach in this document. It helpfully sets out a shared vision, provides a useful step forward in terms of defining the regulatory approach and invites comments so that we can test and refine these positions.

Following engagement with our members, we have identified several opportunities to provide additional clarity and fill-out the long-term vision for the use of tokenised assets, all of which will support the successful delivery of this strategic roadmap.

Our responses to the numbered consultation questions are also included in this response.

Read the response here