The new tokenization roadmap recommends using permissioned blockchains in the initial phase.
UK funds have been given the go-ahead to develop tokenization to improve the efficiency, transparency and competitiveness of the industry, the Investment Association, the body representing the UK investment management industry, said.
Working closely with the Financial Conduct Authority (FCA) and HM Treasury, the Technical Working Group of the Government’s Asset Management Working Group today launched the adoption of DLT-backed fund tokens in its report Tokenizing UK Funds: A Blueprint for Implementation ization roadmap. "
According to the report, these “digital funds” will represent investors’ interests through digital tokens on distributed ledger technology rather than traditional record-keeping methods.
Michelle Scrimgeour, chair of the working group and CEO of Legal & General Investment Management, said: “Tokenization of funds has huge potential to improve efficiency and liquidity, enhance risk management and create more customization. portfolio, revolutionizing the way our industry operates.”
The blueprint aims to establish the infrastructure for fund tokenization in the UK market and recommends a phased approach, starting with a baseline model that is compliant with current regulations.
During this initial private ledger phase, FCA-authorized funds can tokenize if they meet certain characteristics, such as holding mainstream assets and maintaining existing valuation schedules and settlement time frames. The fund will operate much like today’s mainstream funds, with off-chain fiat currency settlement while leveraging DLT for transaction and ownership recording.
The report mentioned that the company may be able to explore public ledgers and interoperability at a later stage. The industry will now work out the details of further incremental phases and work closely with the authorities on any legislative or regulatory implications. #英国 #基金代币化
