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XRP In May 2026, the Financial Conduct Authority (FCA) and the Bank of England jointly issued a consultation on the future of tokenization in the UK wholesale market, aiming to collect industry views on the opportunities, priorities and obstacles brought by tokenized securities so that regulators can provide the clear guidance needed for corporate investment and large-scale development. Currently, the feedback statement has been officially released.
Regulators received a total of 123 responses from industry associations, companies, legal scholars and other parties. Among the publicly signed respondents are Hedera, Ripple, Chainlink, Coinbase and Stellar Development Foundation, covering blockchain infrastructure providers and major cryptocurrency exchanges.
Collateral and interoperability top the list
Most respondents believe that post-transaction processing is a major opportunity, especially to improve the way collateral flows between participants. Potential advantages mentioned include round-the-clock trading, atomic settlement, greater collateral liquidity and less reconciliation work. The FCA pointed out that tokenized collateral can increase collateral turnover and support real-time margin calculations, while tokenized money market funds may be used as collateral without being liquidated.
Interoperability was also seen as a major concern, with respondents calling for coordination and cooperation between traditional and tokenized infrastructure, different blockchain platforms, and different jurisdictions. The industry requires interoperability to be advanced as a separate workflow in the upcoming roadmap.
Feedback results show that the industry generally supports the regulators 'approach, but also calls for accelerated progress, clear timetables, and a shift from pilot projects to permanent market infrastructure. A number of companies have urged regulators to move out of the "sandbox" model, repeatedly calling for the establishment of long-term models in digital securities settlement to transcend the existing digital securities sandbox trial stage.
Regulators postpone the formulation of technical standards, and roadmap is expected to be released within the year.
In terms of regulatory policies, the FCA reiterated its adherence to the principle of technology neutrality and the concept of "same risks, same regulatory results." It is worth noting that regulators acknowledge that the industry is better able to develop blockchain technical standards rather than mandatory regulations from the top down.
The FCA said that the roadmap will list specific workflows and target dates, covering digital securities issuance and settlement, tokenized assets and collateral, central bank currency settlement access, market operations, and related designated investment in crypto assets. Custody, as well as the Ministry of Finance's digital treasury bond tool pilot and other areas.
The Bank of England and FCA are working with 16 companies to realize the true issuance and settlement of tokenized assets through digital securities sandboxes. In addition, the Bank of England has committed to launching a real-time synchronization service in 2028 that aims to enable tokenized equivalents of already qualified assets to be used as collateral in central counterparties and the central bank's own operations.
