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UK revises retail payments blueprint to reflect tokenisation and digital currency infrastructure

Britain has set out a plan to reflect tokenisation and new forms of digital currency in core infrastructure for its future retail payments system. The UK Treasury published a revised national retail payments modernisation roadmap and pointed to building a “diverse multi-currency ecosystem”. The revision includes tokenisation and digital currencies as key elements and calls for infrastructure allowing interoperability with existing systems. The Financial Conduct Authority has also unveiled a crypto regulatory regime with a licensing timetable running into 2027.

Crypto

ESMA warns many prediction market event contracts may be banned for sale to EU retail investors

The European Securities and Markets Authority warned that many prediction market contracts may already fall under an EU ban on selling certain products to retail investors. ESMA said firms cannot avoid EU financial rules by marketing such products as “event contracts”. It reaffirmed that event contracts classed as financial instruments cannot be marketed, distributed or sold to retail investors under national rules implementing ESMA’s 2018 restrictions on binary options.