The digital asset clearing and settlement company ClearToken has received approval from UK regulators to launch a system for settling cryptocurrency and stablecoin transactions—highlighting the country's efforts to expand digital financial regulation.
The company announced on Tuesday that it has been authorized by the Financial Conduct Authority (FCA) to operate its delivery versus payment (DvP) settlement platform named CT Settle, which will support spot trading of crypto assets, stablecoins, and fiat currencies.
Once CT Settle is operational, regulated financial institutions will be able to use a digital asset settlement system that operates under the same regulatory and operational standards as traditional financial infrastructure.
ClearToken stated that CT Settle aims to eliminate adoption barriers for institutions that are cautious about digital assets, particularly concerning market efficiency, liquidity, and counterparty risk.
ClearToken Chairman Niki Beattie remarked that this authorization will serve as a "catalyst for the mass adoption of digital assets."
The FCA's decision to authorize ClearToken reflects a broader regulatory shift in the UK towards integrating digital assets into the traditional financial system.
Earlier this week, the Bank of England began consulting on stablecoins, seeking feedback on proposed rules that could take effect as early as next year. Governor Andrew Bailey recently softened his stance on the risks stablecoins pose to financial stability, suggesting a more pragmatic regulatory approach.
These initiatives come amid concerns that the UK is lagging behind other countries (particularly the US) in stablecoin adoption, following the passage of the GENIUS Act in the US.
In April, the UK Treasury released a policy draft outlining the future regulatory framework for financial services related to crypto assets, aiming to formally define certain types of digital assets and bring key activities such as issuance, custody, and trading under UK regulation.
Additionally, the UK government has opened the cryptocurrency exchange-traded notes (ETN) market to retail investors, marking a broader national effort to integrate digital assets into mainstream financial markets.
Related: Bank of England Deputy Governor Breeden warns: Easing stablecoin regulation could jeopardize financial stability
Original article: “ClearToken Receives UK FCA Approval to Launch Cryptocurrency Settlement Platform”
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