Dr Lerong Lu, Reader in Law at King’s College London, has contributed to the policy development of UK wholesale financial markets through a joint academic response to the Financial Conduct Authority (FCA) and Bank of England Call for Input, The Future of Tokenisation: A Joint Vision from the Authorities for UK Wholesale Financial Markets.

The response, jointly submitted with Dr Ci Ren of the University of Leeds on 29 May 2026, examined key legal and regulatory issues arising from the tokenisation of financial markets. These included settlement finality, conflict of laws, interoperability between traditional and distributed-ledger infrastructures, customer due diligence and KYC requirements, and safeguarding arrangements for investment cryptoassets.

Following the submission, Dr Lu and Dr Ren met with the FCA’s Wholesale Cryptoassets Policy team on 7 July 2026 to discuss the recommendations and their relevance to the authorities’ ongoing work on digital assets and tokenised wholesale markets.

The engagement provides a strong example of research-led policy contribution and external impact in FinTech law, financial regulation and digital asset governance.