UK investment funds have been given the approval for tokenization, with the country’s government keen to leverage blockchain technology for the asset management industry, according to trade body The Investment Association.

Fund tokenization has the potential to improve efficiency, transparency and international competitiveness in the investment management sector, The Investment Association said in a statement.

The initial stage, in collaboration with the UK Treasury, financial regulator the Financial Conduct Authority (FCA) and investment managers like BlackRock, was published today as part of the Technology Working Group of the Government's Asset Management Taskforce roadmap. The “UK Fund Tokenisation — A Blueprint for Implementation” report outlines a baseline model for tokenization …