The UK's Financial Conduct Authority (FCA) has released a roadmap to assist asset management companies in adopting blockchain technology for fund tokenization.
In a Tuesday announcement, the regulator stated that the initiative aims to "provide companies with more clarity" for adopting tokenization and "drive innovation and growth in asset management."
"Tokenization has the potential to drive fundamental change in asset management, benefiting both the industry and consumers," said Simon Walls, FCA's Executive Director of Markets. "Under our existing rules, companies can do a lot, and with the changes we are proposing to implement now, more possibilities will become a reality," he added.
According to the FCA, tokenized products can increase competition, reduce costs, and expand investment access, particularly for private markets and infrastructure investments. By digitizing fund operations, asset management companies can also lower reconciliation and data-sharing costs.
The plan includes guidance for operating tokenized fund registrations under the existing rules through the UK blueprint model, a simplified trading framework for handling traditional and tokenized fund units, and a roadmap for blockchain-based settlement.
The FCA also intends to explore how regulation may need to evolve as tokenization becomes more widespread. "The UK has the opportunity to become a world leader here, and we want to provide asset management companies with the clarity and confidence they need," Walls said.
Last month, Coinbase asked users to support a public petition calling for the UK to develop an innovation-friendly strategy for blockchain and stablecoins. The petition calls for a framework that includes regulation for stablecoins and tokenization, blockchain adoption, and the appointment of a blockchain "czar."
The UK's approach to crypto regulation has drawn criticism from industry stakeholders. In June, analysts from the independent think tank Official Monetary and Financial Institutions Forum (OMFIF) warned that the UK has squandered its early lead in distributed ledger finance.
In July, Coinbase also released a satirical video titled "Everything is Fine," targeting the UK's financial system. The video used lyrics and music boasting about the country's strong finances while depicting scenes of inflation, poverty, and financial hardship.
Industry pressure seems to have worked. Last week, the FCA lifted its 2019 ban on exchange-traded notes (ETNs) for retail investors, allowing trading on FCA-approved UK exchanges.
Additionally, reports indicate that the Bank of England is easing proposed restrictions on corporate stablecoin holdings, considering exemptions for companies that require larger fiat-backed reserves.
Related: JPMorgan executives confirm they will offer cryptocurrency trading services but will not directly custody assets.
Original article: “UK FCA Develops Roadmap to Allow Asset Management Companies to Use Blockchain for Fund Tokenization”
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