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Home»ADOPTION NEWS»UK introduces new rules for digital securities sandbox
ADOPTION NEWS

UK introduces new rules for digital securities sandbox

By Crypto FlexsDecember 18, 20233 Mins Read
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UK introduces new rules for digital securities sandbox
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Policy • December 18, 2023 2:32 PM EST

Posted 1 minute ago In ~

The United Kingdom has introduced new regulations that will give the national financial watchdog sandbox oversight rules for tokenized securities, according to an official publication on Monday.

This regulation covers the UK’s Digital Securities Sandbox (DSS) and will come into effect on 8 January 2024. These regulations are part of the UK government’s Financial Services and Markets Act 2023 (FSMA).

Digital Securities Sandbox Supervision Regulations

The new rules set overall limits on what can be done within the sandbox and which participants can participate. The sandbox allows regulators and companies to test solutions, including distributed ledger technology and securities tokenization.

The Treasury said oversight of the new rules would be a joint effort between the Bank of England and the Financial Conduct Authority (FCA). “The Bank and the FCA must take such steps as they consider appropriate to co-operate with each other in relation to the operation and supervision of the DSS,” the bill states.

Progress comes after that. UK Chancellor of the Exchequer Jeremy Hunt outlined new government initiatives to boost the expansion of the UK’s digital asset sector in his November Budget.

UK digital securities sandbox

Hunt said in November that the UK government plans to implement a Digital Securities Sandbox, which aims to promote the adoption of digital assets across financial markets.

The Chancellor of the Exchequer said: “The government will put in place the legal instruments to implement a digital securities sandbox, implementing the Edinburgh Reform announcement to implement a financial markets infrastructure sandbox in 2023.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Brian McGleenon is a UK markets reporter for The Block. He has worked as a financial journalist and producer for several news outlets such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express over the years. Brian is also a screenwriter and producer with one feature film and one in development at Northern Ireland Screen. In addition to web3 and cryptocurrency development, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity studies. Contact us via email (email protected).
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