Hedera Steps Into The UK Tokenisation Debate

Hedera has entered the UK's growing debate over wholesale market tokenisation, submitting a formal response to the Financial Conduct Authority (FCA) and Bank of England's joint consultation on the future of digital wholesale markets.

Hedera's policy team used the submission to argue that regulatory clarity alone is insufficient, advocating for greater interoperability, governance, and auditability as the foundational pillars any effective tokenisation framework should rest on. The Hedera Global Policy team made the case for the use of public permissioned networks in securities markets.

A Consultation That Drew Wide Industry Interest

On 14 September 2026, the FCA and Bank of England published Feedback Statement FS26/1, summarising responses to their May 2026 Call for Input on the future of tokenisation in UK wholesale financial markets. The two regulators received 123 responses from financial institutions, infrastructure providers, industry bodies, academics and other stakeholders. Respondents included BlackRock, Coinbase, Hedera and Ripple.

Tokenisation is the digital representation of assets and their ownership using distributed ledger technology, and could represent one of the most consequential changes to wholesale financial markets for decades. Most respondents agreed that post-trade is the main opportunity, particularly improving how collateral moves between parties.

What Comes Next

The FCA and Bank of England will publish a tokenisation roadmap later this year, setting out how they intend to progress work on wholesale tokenisation, including target dates and key dependencies such as where legislation is needed.

The FCA and Bank of England explain that FS26/1 sits within a broader policy agenda that includes HM Treasury's Wholesale Financial Markets Digital Strategy, and that engagement with industry will inform a Tokenisation Roadmap for work on the digitalisation of wholesale markets.

Hedera's submission adds a blockchain infrastructure perspective to that process, making the case that the technical architecture underpinning any tokenisation regime matters as much as the rules written around it.

Sources
FCA: FS26/1 Tokenisation in Wholesale Markets (September 2026)
Regulation Tomorrow: FCA Publishes Feedback Statement on Wholesale Tokenisation
Hedera: What Digital Asset Policy Did in July 2026