On July 16, according to the official website of the British government, the British government announced a strategy for the digitalization of wholesale financial markets, which explicitly supports the application of distributed ledger technology (DLT) and asset tokenization in the field of wholesale finance. The strategy proposes that the government will promote the industry to identify the best application scenarios of DLT, support the tokenization of financial assets and the digitization of post-trading processes, and test a variety of digital payment solutions including stablecoins through the "Digital Securities Sandbox". In addition, the UK will improve relevant legislation and regulatory frameworks, encourage the industry to form cross-market alliances, drive digital innovation, and consolidate its leading position in global financial technology. [PANews]

UK releases wholesale financial market digitalization strategy to promote DLT and stablecoin innovation