Call for input: The future of tokenisation – a joint vision from the authorities for UK wholesale markets

Read the call for input (PDF)[1]

Why we are consulting 

Tokenisation is the digital representation of assets and their ownership using distributed ledger technology (DLT). It could represent one of the most consequential changes to wholesale financial markets for decades. Alongside the Bank and the Prudential Regulation Authority (PRA), we want to hear from industry on how to enable its safe adoption in UK markets.

We want to give industry the regulatory clarity it needs to invest in and scale up tokenised financial market infrastructure. This Call for Input sets out our vision, principles and an initial roadmap for how tokenisation can develop safely in UK wholesale markets. We aim to publish a joint response statement and a full cross-authority roadmap later this year.

Who this is for

This Call for Input is primarily aimed at firms operating across the wholesale financial markets ecosystem, including:

• banks, investment firms and asset managers
• financial market infrastructure providers, such as central securities depositories (CSDs) and central counterparties (CCPs)
• trading venues and post-trade service providers
• fintech and technology firms developing tokenisation solutions

The focus is on tokenised securities – such as bonds, equities and fund units – though we and the Bank expect to look beyond this in future.

Next steps

The deadline for responses is 3 July 2026.

You can respond by emailing [email protected]

After the deadline, we will: 

• hold workshops with industry over the coming months
• publish a response statement over the summer
• publish a full cross-authority roadmap for the digitalisation of wholesale markets later in 2026

If you have specific regulatory questions or would like to discuss early-stage initiatives, you can contact us.

Background 

Digitalisation is already reshaping wholesale financial markets. The government's Wholesale Financial Markets Digital Strategy (WFMDS)[2] identified tokenisation as a significant opportunity – particularly in post-trade processes and collateral. This Call for Input builds directly on that strategy and supports the role of the government's recently appointed Wholesale Digital Markets Champion[3].

The FCA and the Bank have already taken a number of steps. We launched the Digital Securities Sandbox (DSS)[4] – a live, regulated environment where firms can test the issuance, trading and settlement of tokenised securities. 16 firms have already passed the first stage and are working towards going live. In April 2026, we also published Policy Statement PS 26/7[5], which set out a framework to move fund tokenisation from experimentation to wider adoption.

This call for input supports our objectives to promote market integrity and effective competition, while reinforcing the UK’s position as a leading global centre for financial services.