Jurisdiction · United Kingdom
United Kingdom
Tokenized deposits are already treated as deposits, and a digital-securities sandbox is live. The second network.
Facts
- Regime
- Bank deposit tokens are deposits under the existing framework; payment-institution tokens fall under e-money rules; the Digital Securities Sandbox is run jointly by the Bank of England and the FCA
- Currency and leg
- Pounds sterling; pooled settlement account or synchronization with the RTGS, per the Bank of England's own policy
- Identity attestation
- Reliance on another institution's identity attestation under the UK Money Laundering Regulations — counsel opinion required
- What is already built
- A GB-GBP leg runs on the reference network with its own pack; payment-versus-payment against the Georgian leg has been executed under partition tests
Status
Planned as the second network, targeted for month twelve after the round; issuer conversations under way; no sandbox application yet filed.
Regulatory description is our reading of public statements by the Bank of England and the FCA as of September 2026.
What a launch here requires.
A jurisdiction pack, a settlement leg with the central bank or a designated settlement bank, a Member Council, a local operating team. Nothing above the ledger changes.
Month 6–9
Counsel and sandbox
UK counsel opinion; Digital Securities Sandbox conversation; first issuer conversations converted
Month 12
Network launched
GB-GBP pack finalized; Member Council formed; settlement-leg binding agreed
Month 15–18
First asset leg
A CSD or transfer agent letter of intent; first cross-issuer onboarding on an identity attestation with Georgia
Month 18+
Cross-border live
Sterling–lari payment-versus-payment in production
Join the launch group here.
Issuers, participants and the central bank each have a seat in the first phase. Ask which are open.