The UK will appoint a dedicated official to support the country’s transition to blockchain-based financial infrastructure, according to remarks prepared by Economic Secretary to the Treasury Lucy Rigby.
According to Bloomberg, the new role, referred to as a “digital markets champion,” will be tasked with coordinating private sector initiatives around tokenization of wholesale financial instruments.
The taskforce will focus on replacing physical share certificates and improving the efficiency of market infrastructure. The tokenization plan is part of the government’s Wholesale Financial Markets Digital Strategy, first outlined in July.
Rigby’s comments were delivered during the Digital Assets Week conference in London. She also announced the formation of a new group, the Dematerialisation Market Action Taskforce, which will oversee the shift away from paper-based shareholding.
