UK regulators push for near 24-hour payments to support tokenization

The Bank of England (BoE) and the UK's Financial Conduct Authority (FCA) are pursuing plans to expand the operating hours of key payment and clearing systems to a near 24-hour schedule in preparation for the growth of tokenized financial markets. According to Cointelegraph, the BoE has proposed adding weekend and extended operating hours to its Real-Time Gross Settlement (RTGS) and CHAPS payment systems. The bank explained the move is intended to support new tokenization-based payment and settlement models, as well as cross-border payments. Additionally, the UK's Prudential Regulation Authority (PRA) has released guidelines proposing that the same regulatory standards be applied to tokenized financial products if they have legal rights and risk structures similar to existing financial instruments. Katie Harries, head of Europe policy at Coinbase, commented that the UK is presenting a clear vision for the tokenization of wholesale financial markets, adding that it could expand opportunities for accessing new capital. Meanwhile, the FCA is currently developing a comprehensive cryptocurrency regulatory framework, which includes rules for stablecoin issuance, trading, custody, and staking, with a target for full implementation before 2027.