FCA, Bank of England, and PRA seek input on tokenisation in UK wholesale markets

UK regulators have opened a joint call for input on tokenisation in wholesale financial markets, moving the subject from early-stage pilots toward a broader policy discussion.

The Financial Conduct Authority and the Bank of England published the call on May 18, 2026, asking market participants how tokenisation could be adopted safely across wholesale finance. The consultation focuses on areas including tokenised securities, collateral and settlement instruments.

The regulators said they want industry views on how to support innovation while preserving market safety and resilience. The call for input closes on July 3, 2026.

The Bank of England also published a separate consultation on extending RTGS and CHAPS settlement hours toward near 24/7 settlement, which it cited as supporting infrastructure for tokenised markets.

At the same time, the Prudential Regulation Authority issued Dear CEO letters on the prudential treatment of tokenised assets and stablecoin-related exposures, adding a supervisory signal alongside the market-structure consultations.

Taken together, the releases suggest UK authorities are building a wider framework around tokenisation rather than treating it as an isolated experiment. The immediate next step is industry feedback, which will help determine whether the regulators move toward a fuller roadmap later in 2026.