UK Finance 보고서, 증권 토큰화에 대한 의견 공유

In a recent 보고서, UK Finance는 증권 토큰화에 대한 의견과 앞으로 영국의 은행 및 금융 산업이 이 기술에 어떻게 접근하고 활용해야 한다고 믿는지를 공유했습니다.  이 보고서는 다음 질문에 답하기 위해 작성된 것으로 알려져 있습니다.

1. 오늘 영국의 입장은 무엇인가?
2. 왜 토큰화(및 영국의 입장)가 중요한가?
3. 영국의 다음 단계는 무엇인가?

This report is particularly notable, as UK Finance “…은 은행 및 금융 산업을 위한 집단적 목소리입니다”.  In the United Kingdom, this collective voice is representative of over 300 firms – meaning its opinions and findings provide valuable insight into the general consensus surrounding tokenization and not that of a single firm.  With that being said, the following is a brief overview of the findings shared throughout.

The digital representation of real financial assets using distributed ledger technology (DLT) or blockchain, is what is commonly referred to as ‘tokenization’.  It is also a process increasingly recognized as an approach primed to transform the existing financial landscape.  In its report, UK Finance makes clear that it believes, while the tokenization market is still emerging, with tokenized issuances only forming a small fraction of traditional securities, the UK has an opportunity to become a global hub for this industry.

현재 입장

The UK has shown modest promise in the area of tokenization, despite the perception that it may be lagging behind other jurisdictions.  While it may lag in tokenized securities issuance, this is not the only measure of progress.  Other factors including legal and regulatory reforms, adequate market infrastructure, and government support are each critical for tokenization adoption.  UK Finance makes clear that it believes the UK can catch up to its counterparts if it continues to build momentum and not let progress stagnate.

An example of this progress includes the recent leveraging of the UK’s expertise in significant digital issuances, such as the first pound sterling digital bond issued by the European Investment Bank (EIB) in Luxembourg in 2023년 1월.  The successful issuance of the sterling-denominated digital securities revealed a clear market demand that is only set to grow.

Overall, the report highlights a few key enablers that will allow the UK to catch up and surpass other forward-thinking nations by establishing the following,

• 법적 명확성
• 규제 명확성
• 신뢰할 수 있는 시장 인프라
• 정부 지원

Beyond the key enablers listed above, it is noted that the UK can learn through examples set by other nations.  Abroad, there has been an uptick in the number and variety of issuers and the value of digital bond issuance, despite representing less than 1% of the $20.6 trillion issued in long-term fixed-income instruments in 2021.  Key players in this space include Singapore, Hong Kong, Switzerland, France, Germany, and Luxembourg – each of which is supported by clear regulations to attract public and private initiatives.

Meanwhile, in the UK, fintech companies have been involved in pilot debt transactions, with notable examples including Santander and NatWest’s successful proof of concept for a tokenized security issued on a public blockchain in 2022년 2월.  Other similar activities by JP Morgan’s UK Entity, DBS Bank, HQLAX, Fnality, Goldman Sachs (GS ), and UBS have also occurred.

왜 중요한가?

As it stands, the UK is a leading financial center on a global scale.  If this is to remain the case, many believe that the adoption and forwarding of tokenization is essential.  Estimates of tokenization’s impact on financial markets vary, but there is increasing consensus on its transformative potential with projections suggesting that digital assets could represent 5-10% of global assets by 2030, with outstanding tokenized securities between $4-$5 trillion.

Tokenization is poised to unlock a variety of benefits, including,

• 자본 해방 및 부분화 가능
• 거래 촉진, 자산 유동성 증가 및 잠재적인 묶여 있는 자본 해방
• 부분화, 투자자가 자산의 일부를 구매하도록 하여 접근성 확대
• 동시적이고 즉각적인 거래 결제를 촉진하여 상대방, 파산 및 성과 위험을 낮추는 향상된 위험 관리

However, tokenization also introduces new risks associated with technology such as trading errors, cybersecurity concerns, and operational risks stemming from poor interoperability between DLT platforms.  Despite these potential risks, they are typically viewed as being far outweighed by the benefits to be had.

The operational efficiencies stemming from tokenization are of huge value to market participants, with previous analysis indicating that “…EU에서 DLT의 광범위한 사용은 보고 분야에서 연간 최대 40억 유로, 그리고 청산, 결제, 담보 관리 및 기타 중개 기능을 포함한 유럽 파생상품 시장에서 수십억 유로의 비용 절감을 가져올 수 있다”

These are not just potential scenarios though – successful pilot projects have already demonstrated these benefits.  For example, the Hong Kong Monetary Authority noted a reduction in settlement time from five days to one day when issuing a tokenized green bond while Singapore Exchange reported a 60% settlement time reduction on its blockchain-enabled bond issuance platform.  As previously alluded to, these improvements surrounding the settlement process are made possible because tokenized transactions require fewer intermediaries.  This means that the settlement process can be executed instantly while adhering to automated compliance procedures, in addition to offering a simplified onboarding process and reduced asset servicing costs.

While it is easy to identify the benefits that tokenization can afford, the answer of where to start is somewhat more complex.  To that end, UK Finance sees tokenized bonds as the low-hanging fruit; an optimal starting point to gain comfort with the technology and demonstrate its potential.

Some investors, consulted by UK Finance, see a market for tokenized private assets such as private equity, debt, and fund products, with the tokenization of money market funds offering appealing opportunities.  While the industry might get the ball rolling with securities like bonds, consensus suggests that the full potential of tokenization will emerge with more complex products like real estate, which suffer from poor liquidity and reliance on a variety of intermediaries.  Transforming illiquid assets like real estate into tokens can fractionalize direct property investment, enhancing liquidity, broadening the investor base, and increasing transaction efficiency while reducing costs.  Lastly, smart contracts allow for streamlined processing, including compliance, document verification, and trading, minimizing error possibilities and reducing the need for manual input.

다음은 무엇인가?

For the full potential of tokenization to be realized, UK Finance believes that a government and industry alignment around a strategic roadmap is necessary.  This will ensure that the UK’s financial services industry remains competitive as the tokenized securities market continues to evolve.

UK Finance anticipates that the tokenized securities market might evolve through various structures such as “siloed,” to “interconnected”, and finally “universal.”  Initially, industry participants would experiment with siloed ledgers to prove the technology’s value.  Gradually, these siloed ledgers would shift towards an interconnected ecosystem, and eventually expand in to a universal structure.

In the short term, the report indicates that the government and industry must support the siloed market structure while preparing for more interconnected or universal ledgers.  Notably, countries such as Singapore, Switzerland, and Luxembourg have already built momentum in this model.

To keep up and position itself as a global leader in tokenization, the UK needs to accomplish three missions, per the report: 법적·규제적 확실성을 기반으로 혁신과 실험을 가능하게 하고; 상호 운용성을 촉진하고 대규모 안전 혁신을 통해 번성하는 영국 디지털 시장을 육성하며; 토큰화 증권 시장의 글로벌 표준을 선도하는 리더가 되는 것

The following recommendations are made by UK Finance for the UK government, regulators, the UK’s legal community, and other market participants to ensure these missions are reached.

1. 영국에서 토큰화 증권의 법적 지위와 취급에 대한 이해를 강화하고; 토큰화 증권 시장을 지원하기 위해 필요한 규제 개혁에 대한 명확성을 제공한다;
2. 특정 기술 및 배포의 특성을 고려하면서 규제 개혁의 기술 중립성을 보장한다;
3. FMI Sandbox와 같은 정부 지원 샌드박스가 이러한 탐색을 위한 이상적인 장이 될 것이다.

If achieved, these missions are expected to boost positive feedback loops, clarify the legal status of tokenized securities, ensure the legal community can comfortably advise clients, and encourage industry participation.

마무리

Like many nations, if the UK plays its cards right, it can potentially usher in a revolution within financial markets through the acceptance and adoption of securities tokenization.  As a result, UK Finance believes that there is currently a significant opportunity for the UK to boost its capital markets.

However, it notes that a “지원적인 생태계”가 DLT와 블록체인 기술을 통해 제공되는 혜택을 실현하는 데 핵심이며, 실험을 촉진하고 상호 운용성 표준을 수립하며 필요한 법·규제 개혁을 시작하기 위한 협력적인 행동이 필요하다고 언급합니다.

Encouragingly, UK Finance note that active engagement between the UK government, regulators, and industry on necessary regulatory reforms is already taking place, and work is ongoing on the FMI Sandbox and legal provisions around securities tokenization.

Overall if the report were to drive home one point, it would be this – The future of financial markets is indeed at hand, and the time to act is now.

To read the UK Finance report in its entirety, 여기를 클릭하십시오.