ClearToken has been approved by the UK to launch a cryptocurrency and tokenized asset settlement system

According to The Block, the UK's Financial Conduct Authority (FCA) has approved ClearToken, a London-based company, allowing it to launch a regulated settlement service for digital assets.

Its upcoming CT Settle platform, which adopts a "payment versus payment" model, can simultaneously complete settlements for cryptocurrency, stablecoins, and fiat currency transactions. The platform is designed similarly to the CLS system in the foreign exchange market, which can reduce settlement risk and free up capital. This approval allows ClearToken to obtain authorization as a payment institution and registered crypto asset company, laying the groundwork for its future tokenization and digital asset clearinghouse. Additionally, the company plans to apply for approval from the Bank of England to expand its clearing and margin services using the central bank's digital securities sandbox.