UK says tokenized markets could unlock £33B economic boost by 2035
A UK government-commissioned report estimates that establishing global leadership in tokenized wholesale financial markets could unlock an additional £33 billion in annual economic output and around £14 billion in annual tax revenues by 2035. The report, prepared by Wholesale Digital Markets Champion Christopher Woolard CBE, argues tokenization is beyond experimentation and requires coordinated action to modernize infrastructure, improve efficiency, and bolster London's competitiveness.
Key recommendations include accelerating initiatives like launching the Digital Infrastructure and Government Tokenisation (DIGIT) pilot by Q1 2027, expanding tokenized collateral and repo markets, supporting tokenized investment funds, and creating common technical standards. It emphasizes the need for legal certainty and a technology-neutral regulatory and tax framework to drive institutional adoption.
The report highlights the critical role of digital settlement assets—including stablecoins and tokenized deposits—for scaling tokenized securities and real-world assets. It warns the UK must act quickly amid global competition, noting that tokenized real-world assets could reach $88 trillion by 2035. Decisive action is needed to secure the UK's position as a hub for wholesale digital markets.
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