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UK FCA Working on Blue Print for Fund Tokenization Due This Year
The U.K. financial regulator said earlier in the year it was speaking to firms and trade groups in relation to proposals on fund tokenization.
The U.K.'s regulator, the Financial Conduct Authority (FCA), has been working with the Technology Working Group on a blueprint for fund tokenization, FCA Chair Ashley Alder said in a Thursday speech.
FCA, the U.K.'s financial regulator, published a discussion paper in February this year on updating and improving a regime for asset management in the country. The paper touched on "how fund managers might adopt distributed ledger technology to offer fully digitised funds to the public," Alder said.
STORY CONTINUES BELOW
A tokenized fund is a fund that issues digital tokens that represent interests in the fund and uses distributed ledger technology.
Read more: Banking Giants Abuzz About Tokenization of Real-World Assets as DeFi Craves Collateral
At the time, the FCA said in its discussion paper it was actively engaging with firms and trade associations about proposals for fund tokenization to develop its thinking and consider rule changes.
"We’ve been working with the Technology Working Group, which sits under the Treasury’s Asset Management Taskforce, on a blueprint for fund tokenization," Alder said. "The working group will publish this later in the year."
Read more: Unified Ledger for CBDCs, Tokenized Assets Could Enhance Global Financial System: BIS
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
