UK Government Unveils Strategy for Digitalization of Wholesale Financial Markets

According to PANews, the UK government has announced a strategic plan to digitalize wholesale financial markets, emphasizing the support for distributed ledger technology (DLT) and asset tokenization. The strategy outlines the government's intention to promote the identification of optimal DLT applications within the industry, support the tokenization of financial assets, and digitize post-trade processes. Additionally, the plan includes testing various digital payment solutions, including stablecoins, through a 'digital securities sandbox.' The UK aims to enhance relevant legislation and regulatory frameworks, encouraging the formation of cross-market alliances to drive digital innovation and strengthen its position as a global leader in fintech.