O Banco da Inglaterra e a Autoridade de Conduta Financeira lançaram uma iniciativa coordenada para preparar o sistema financeiro do Reino Unido para as finanças tokenizadas, propondo a extensão do horário de funcionamento da principal infraestrutura de liquidação do país, à medida que os ativos digitais continuam a se inserir cada vez mais nos mercados de atacado.
Under the proposal, the Bank of England plans to expand the operating schedule of its Real Time Gross Settlement (RTGS) system and the Clearing House Automated Payment System (CHAPS) toward near 24/7 availability. The move would introduce longer weekday hours alongside potential weekend settlement windows, allowing financial institutions to process transactions beyond the traditional banking timetable.
The consultation reflects growing pressure on central banks and regulators to modernize financial infrastructure as ativos tokenized, stablecoins, and blockchain based settlement models gain traction among institutional participants.
Principal Takeaway
- The Bank of England and FCA proposed extending UK settlement systems toward near 24/7 operations to support tokenized finance and faster payments.
- The plan includes longer weekday hours and weekend settlement windows for RTGS and CHAPS systems.
- Regulators say the move is designed to support blockchain-based assets, cross-border payments, and new settlement models.
- The proposal builds on the UK’s broader push into tokenization through initiatives like the FCA’s Digital Securities Sandbox.
- UK authorities are positioning the country as a major hub for regulated tokenized financial markets while maintaining oversight and financial stability.
UK Regulators Push for Tokenized Market Infrastructure
The Bank of England said broader settlement availability could improve cross-border payments and support new transaction models linked to tokenization.
Officials argue that wholesale financial markets are beginning to shift toward digital representations of traditional assets such as bonds, funds, and deposits. Existing settlement systems were designed for conventional market hours, creating friction for markets increasingly capable of operating continuously.
Em um artigo do comunicação conjunta, the BoE and FCA stated that the consultation aims to examine how settlement systems should adapt as tokenization technologies mature across the financial sector. The proposal also aligns with the UK government’s wider ambition to position Britain as a global hub for digital finance and blockchain based capital markets.
O período para envio de comentários do público sobre a consulta pública permanece aberto até 3 de julho, e espera-se que os órgãos reguladores publiquem um resumo das respostas ainda neste verão.
Why RTGS and CHAPS Matter
RTGS serves as the backbone of high value payments in the UK financial system, enabling the transfer of central bank money between institutions in real time. CHAPS processes large value sterling payments used across banking, corporate finance, and capital markets. Extending those systems toward near continuous operations would mark one of the biggest structural changes to UK payment infrastructure in years.
The Bank of England is reportedly considering a phased approach. Earlier opening hours for RTGS are already planned from 2027, while additional settlement windows on Sundays and selected holidays could follow later in the decade.
Os reguladores acreditam que o acesso ampliado aos mecanismos de liquidação pode ajudar as instituições financeiras a gerenciar a liquidez de forma mais eficiente, reduzindo os atrasos relacionados às diferenças de fuso horário em transações internacionais.
FCA Expands Broader Crypto Framework
The settlement consultation arrives alongside a broader regulatory effort by the FCA focused on Ativos digitais and tokenized finance.
In April, the FCA opened consultations covering stablecoins, crypto custody, trading platforms, and staking services as part of its long term criptografia regulatória framework scheduled for rollout around 2027.
O órgão regulador também aumentou seu foco em títulos tokenizados e tecnologia de registro distribuído no setor de financiamento atacadista.
Um comunicado conjunto separado, intitulado "Chamado para Contribuições", emitido pela FCA e pelo Banco da Inglaterra, questiona os participantes do mercado sobre como os ativos tokenizados devem interagir com os sistemas jurídicos e de liquidação existentes, particularmente no que diz respeito ao tratamento de garantias e à infraestrutura pós-negociação.
O Sandbox de Valores Mobiliários Digitais do Reino Unido já inclui diversas empresas que testam a emissão de títulos tokenizados e sistemas de liquidação baseados em blockchain sob supervisão regulatória.
PRA Signals Equal Treatment for Tokenized Assets
The Prudential Regulation Authority has also stepped into the discussion, issuing updated guidance suggesting tokenized financial instruments should generally receive the same regulatory treatment as traditional assets when legal rights and economic risks remain comparable.
The PRA described the guidance as an interim step ahead of a broader prudential framework expected no earlier than 2028. That longer term framework will likely incorporate findings from the Basel Committee on Banking Supervision’s ongoing review of crypto asset exposure standards.
O Comitê de Basileia iniciou sua revisão no final de 2025 para examinar como os bancos devem lidar com instrumentos tokenizados, stablecoins e infraestrutura financeira baseada em blockchain sob a perspectiva de gestão de riscos.
Industry Sees Opportunity in UK Tokenization Push
The proposal has drawn support from parts of the crypto and fintech sector that view the UK as increasingly open to institutional blockchain adoption.
Katie Harries, head of policy for Europe at Coinbase, welcomed the initiative in comments shared with Cointelegraph.
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Supporters of tokenization argue that blockchain based settlement systems could reduce costs, speed up settlement times, and improve market accessibility. At the same time, regulators remain cautious about operational resilience, cyber risks, liquidity management, and legal clarity surrounding tokenized assets.
Competition Over Financial Infrastructure Is Intensifying
The UK’s latest move comes as multiple jurisdictions accelerate efforts to modernize financial infrastructure around digital assets.
A União Europeia continua a avançar na implementação dos Mercados de Criptoativos (MiCA), enquanto Singapura, Hong Kong e os Estados Unidos estão a expandir os seus quadros regulamentares relacionados com as finanças tokenizadas e a supervisão das stablecoins.
For the Bank of England, maintaining the relevance of central bank settlement infrastructure appears increasingly important as private stablecoin networks and blockchain-based payment systems operate around the clock. Near continuous settlement could reduce one of crypto’s long standing advantages over traditional finance: the ability to transact outside standard banking hours.
Still, regulators are moving carefully. The BoE emphasized that any transition toward extended settlement operations would require detailed industry coordination, operational testing, and risk assessment before implementation.
The consultation marks another sign that tokenized finance is no longer being treated as a niche experiment inside global financial markets. Instead, central banks and regulators are beginning to redesign core infrastructure around the possibility that digital assets could become a permanent part of institutional finance.
