Detail of outcome
The government has confirmed its final approach to implementing the Digital Securities Sandbox, which will facilitate the use of digital assets in financial markets. This document summarises the feedback on the consultation, which was published on 10 July 2023 and closed 22 August 2023, and sets out the government’s response. Legislation implementing the DSS will be laid before Parliament in due course.
Original consultation
Consultation description
This consultation sets out HM Treasury’s proposed approach to delivering a Digital Securities Sandbox (DSS), which will be the first financial market infrastructure sandbox delivered under the powers granted as part of the Financial Services and Markets Act 2023. The DSS will facilitate the testing and adoption of digital securities across financial markets. Through the DSS, industry will be able to set up financial market infrastructures that utilise digital asset technology, which can perform a number of activities in relation to digital securities under a temporarily modified legislative and regulatory framework.
The consultation invites feedback from industry on the approach to the DSS, and seeks feedback on some further policy and legal issues.
It also invites respondents to formally express their interest in using the DSS, on the basis that conversations with potential applicants should begin as early as possible.
Responses to this consultation should be sent to digitalsecuritiessandbox@hmtreasury.gov.uk by 22 August.
Note that responses will by default be shared with the Bank of England and the Financial Conduct Authority. Responses should clearly indicate where they do not wish for responses to be shared, or if they would like them anonymised.
Documents
NEWSLETTER SIGN UP
And receive exclusive articles on securities markets
As Technology Evolves, Asset Managers Adapt and Innovate
Citi Changes Organizational Structure
SEC Charges Virtu for Disclosures Relating to Information Barriers
ICE Futures Singapore Partners with CoinDesk Indices
Related articles
-
Legislation aims to establish a clear regulatory framework for digital assets.
-
AllUnity, a joint venture between DWS, Flow Traders, and Galaxy will issue EURAU.
-
Hester Peirce and Caroline Pham spoke at an industry conference in London.
-
Correspondent clearing is a critical gateway for broader market participation with digital assets.
-
The company’s dShares, tokenized representations of U.S. equities and ETFs are distributed outside the U.S. ...