The UK’s Financial Conduct Authority has approved London-based ClearToken to launch a regulated settlement service for digital assets, marking another step in the country’s push to modernize its crypto infrastructure after years of slow progress.
ClearToken’s soon-to-launch CT Settle platform will let institutions settle trades in crypto, stablecoins, and fiat currencies using a delivery-versus-payment model that completes both sides of a trade simultaneously.
The system, similar in design to CLS in foreign exchange markets, aims to cut settlement risk and free up capital by removing the need for pre-funded trading accounts.
The approval gives ClearToken status as an Authorised Payment Institution and registered cryptoasset firm, forming what the company calls the foundation for a future clearinghouse for tokenised and digital assets.
The firm plans to seek further Bank of England approval to expand into clearing and margining services through the central bank’s Digital Securities Sandbox.
Playing catch-up
The move comes as UK regulators attempt to accelerate their digital asset agenda following criticism from firms such as Consensys that the FCA’s “heavy-handed” oversight has driven innovation abroad.
It also follows recent steps to open retail access to bitcoin and ether ETPs, as well as the Bank of England’s consultation on rules for sterling-backed stablecoins.
Together, they show that the UK is trying to close the gap with the U.S. and Europe by building the market plumbing needed to support a regulated digital asset economy.
UK investment firm IG Group recently projected that the country’s crypto market could expand by roughly 20% over the next year as new regulated products and settlement infrastructure take hold.
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