UK Government Actively Pursuing Introduction of DLT and Tokenization in Wholesale Financial Strategy

According to CoinDesk, a virtual asset (cryptocurrency) specialized media outlet, on the 15th (local time), the UK government announced plans to formally introduce distributed ledger technology (DLT) and tokenization solutions into the wholesale financial market.

On this day, HM Treasury stated in a policy document, "We will identify the potential uses of DLT in the wholesale financial market, and set up an inter-market consultative body to turn this into tangible actions."

The goal of this plan is to expand distributed ledger technology (DLT)—a core technology for virtual assets—across the wholesale financial market, while also digitalizing the post-trade process using tokenized financial assets.

The government also added that it would actively consider not only innovative alternatives to existing payment methods such as stablecoins and tokenized deposits, but also the introduction of new digital payment instruments.

Meanwhile, in April this year, the United Kingdom published a draft bill for stablecoin issuers and exchanges, thereby laying the legal foundation for establishing itself as a 'crypto hub.'