UK promotes the development of distributed ledger technology and asset tokenization

According to a report by Golden Finance, the UK Ministry of Finance announced that it will support the exploration of the best distributed ledger technology (DLT) and asset tokenization solutions in wholesale financial markets, promoting the widespread application of blockchain technology in the financial sector. The government plans to establish a regulatory framework for encryption technology and has released a draft legislation related to stablecoins in April this year. Meanwhile, regulatory agencies will test stablecoins and other digital payment solutions in the newly established digital securities sandbox.