UK to appoint ‘digital markets champion’ to lead tokenization efforts: report

The UK government plans to appoint a "digital markets champion" to lead efforts to modernize its wholesale financial markets through blockchain technology, according to Bloomberg.

Bloomberg reported Wednesday, citing remarks prepared by Economic Secretary to the Treasury Lucy Rigby, that the new role is set to coordinate and lead collaboration between the government and private sector on tokenization.

Alongside the appointment, the government intends to form a new body called the Dematerialisation Market Action Taskforce, which will oversee the UK's transition away from paper share certificates.

The country has recently taken steps to advance its crypto sector. On Wednesday, the Financial Conduct Authority officially lifted its four-year retail ban on crypto exchange-traded notes, expanding availability beyond professional investors.

The Bank of England also plans to introduce exemptions to its proposed limits on corporate stablecoin holdings, signaling a shift in approach as the UK faces mounting pressure to remain competitive with U.S. crypto regulations, according to Bloomberg.