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 official will focus on aligning technical development with regulatory priorities across the financial system.
UK to Appoint Digital Markets Champion
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.
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. That strategy includes the development of blockchain-based sovereign debt instruments, referred to as digital gilts under the “DIGIT” framework.
Rigby confirmed that the UK has opened a procurement process to select technology providers for digital gilt issuance. These digital instruments will function as official representations of UK sovereign debt on distributed ledger systems.
Tokenization Competition Intensifies
Countries including France, Singapore, and the United States are also exploring tokenization frameworks for public and private sector securities. The UK’s latest move is positioned within that wider trend, with emphasis on compatibility between emerging platforms and existing legal structures.
While regulatory and institutional engagement remains focused on wholesale markets, there is growing discussion around whether similar frameworks might eventually extend to retail-facing financial services. Questions of access, interoperability, and settlement speed will likely surface as tokenization pilots evolve into operational systems.
Some industry observers see the UK’s efforts as an early test of how blockchain infrastructure could reshape post-trade workflows. If successful, these initiatives may influence how custodians, clearinghouses, and regulators approach infrastructure upgrades across traditional and decentralized markets.
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