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

PANews reported on July 16 that according to the UK government website, the UK government has announced a digital strategy for wholesale financial markets, explicitly supporting the application of distributed ledger technology (DLT) and asset tokenization in the wholesale financial sector. The strategy proposes that the government will promote industry identification of the best application scenarios for DLT, support the tokenization of financial assets and digitalization of post-trading processes, and test various digital payment solutions, including stablecoins, through a "digital securities sandbox". Additionally, the UK will improve related legislative and regulatory frameworks, encourage the formation of cross-market alliances in the industry, drive digital innovation, and consolidate its leading position in global financial technology.