UK writes the tokenization rulebook as US industry pitches its own to the SEC

The Bank of England has opened a consultation to figure out a way for clearing houses to accept tokenized collateral in the UK. On the same day, the US SEC received a 238-page report from a crypto trade group suggesting that regulation of vaults should be dependent on the extent of human control over deposits. Britain’s regulator makes the first move The rule book of the Bank of England allows central counterparties to accept digital forms of collateral they accept currently. Central counterparties act as intermediaries between buyers and sellers, and they guarantee trades clear. The statement clarifies what exactly the Bank is looking out for when a clearing house makes an application to use tokenized assets under current rules.

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