ClearToken wins UK approval for crypto and tokenized asset settlement system as regulators race to modernize digital markets
ClearToken received UK approval from the FCA to launch a regulated settlement platform for digital assets, stablecoins, and fiat currencies.Summary
London-based ClearToken has secured authorization from the UK's Financial Conduct Authority (FCA) to launch its CT Settle platform, a regulated settlement service for digital assets. This system will allow institutions to settle trades in crypto, stablecoins, and fiat using a delivery-versus-payment model, similar to CLS in FX markets, aiming to reduce settlement risk. The approval grants ClearToken status as an Authorised Payment Institution and registered cryptoasset firm, forming a base for a future clearinghouse for tokenized assets. The firm intends to seek further Bank of England approval to expand into clearing and margining services via the Digital Securities Sandbox. This move signals the UK's accelerated effort to modernize its digital asset infrastructure, addressing past criticisms of slow progress, and aims to build necessary market plumbing to support a regulated digital asset economy.
(Source：The Block)