UK slow to name tokenisation champion

TL;DR

David Wighton's column criticises the UK government for failing to appoint a promised Digital Markets Champion to lead tokenisation efforts.
The role, first floated in the government's 2025 Wholesale Financial Markets Digital Strategy, aims to coordinate private sector work on blockchain-based markets.
London risks losing ground in the global blockchain race if ministers do not act soon amid challenges like slumping IPOs.

The story at a glance

David Wighton's Financial News column argues that the UK government has not followed through on its commitment to appoint a Digital Markets Champion for tokenisation. This role is meant to drive digitisation of wholesale financial markets using blockchain to help London compete globally. The piece is reported now because ministers have prioritised other City issues, such as reviving public listings, over this promise from the 2025 Wholesale Financial Markets Digital Strategy.[[1]](https://www.fnlondon.com/articles/the-uk-government-is-coming-up-short-on-tokenisation-4d410d97)

Key points

London's capital markets face serious threats beyond the slump in IPOs, including the need to adapt to tokenisation in the global blockchain race.
Politicians promised a Digital Markets Champion to lead, coordinate and join up private sector efforts on tokenisation, but have not named anyone months after the announcement.
Economic Secretary Lucy Rigby highlighted the role in October 2025 remarks, as part of plans including a Dematerialisation Market Action Taskforce and digital gilt issuance.
The government's focus has shifted to public listings as an "existential threat" for the City, sidelining tokenisation progress.
Without a champion, the UK may fall behind international rivals in modernising markets through programmable assets on blockchain.

Details and context

The column questions why no champion has been found despite talk of tokenisation's potential to transform capital markets. Tokenisation involves representing assets like bonds or funds on blockchain for faster settlement, interoperability and efficiency. The UK launched its Wholesale Financial Markets Digital Strategy in July 2025, pledging leadership in this area to keep London competitive post-Brexit.[[2]](https://www.bloomberg.com/news/articles/2025-10-08/uk-to-appoint-digital-markets-champion-for-tokenization-effort)

Recent pilots show momentum: HSBC was picked in early 2026 for the DIGIT platform to issue digital gilts, with features like on-chain settlement. Yet industry sources note slow regulatory clarity and no major tokenised issuances yet, putting the UK behind some peers despite strengths like common law.[[3]](https://fintechmagazine.com/news/how-will-hsbc-boost-the-uk-governments-tokenisation-goals)

Wighton suggests the chancellor use an upcoming event to announce the appointment, tying it to broader efforts to bolster the City's edge.

Why it matters

Tokenisation could reshape wholesale markets with step changes in efficiency, but leadership gaps risk the UK ceding ground to faster-moving hubs. For financial firms and investors, this means uncertainty over regulations and infrastructure for digital assets like tokenised bonds or funds. Watch for any champion appointment or DIGIT pilot updates, though full impact depends on execution and global standards.