We asked for views on tokenisation in wholesale markets. Read what we heard from industry and our next steps, including a new roadmap.
Read the Feedback Statement (PDF)[3]
In May 2026, we and the Bank of England published a joint Call for Input on the future of tokenisation[2].
We wanted to understand industry views on the benefits, priorities and barriers for tokenised securities in UK wholesale markets, so we can give firms the regulatory clarity they need to invest and scale up.
We received 123 responses, including from industry bodies, firms and legal academics.
Respondents supported our proposed approach. Most agreed that post-trade is the main opportunity, particularly improving how collateral moves between parties.
This feedback will help us build a practical roadmap to support safe and effective adoption.
This publication is relevant to:
We’ll use this feedback to develop a joint tokenisation roadmap with the Bank of England, later in 2026. The roadmap will set out target dates for our work on wholesale tokenisation.
We're also consulting on tokenised gold[4], following feedback from respondents.
We plan to consult on rules for safeguarding relevant specified investment cryptoassets (RSICs) in the first half of 2027.
We encourage firms to keep exploring business cases for tokenised infrastructure.
If you have questions or want to discuss any issues, contact us.
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.
This work builds on the Treasury's Wholesale Financial Markets Digital Strategy (WFMDS)[5] and complements work by the Wholesale Digital Markets Champion[6]. The PRA has also published related guidance for banks on the prudential treatment of tokenised assets.
We launched the Digital Securities Sandbox (DSS)[7] – a live, regulated environment where firms can test the issuance, trading and settlement of tokenised securities.
In April 2026, we also published Policy Statement PS 26/7[8], which set out a framework to move fund tokenisation from experimentation to wider adoption.
Supporting safe innovation in wholesale markets is part of our objective to promote growth and competitiveness in UK financial markets.
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