| With our FCA authorisation, CT Settle go-live is coming very soon! |
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ClearToken Receives
FCA Authorisation
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I’m delighted to share a major milestone in ClearToken’s journey: We've received FCA authorisation for CT Settle, our delivery-versus-payment (DvP) settlement service for digital assets, stablecoins and fiat currencies.
CT Settle facilitates powerful cross-market netting which consolidates positions from multiple sources. Benefits include capital efficiency, reduced pre-funding and failure risk, standardised back-office workflows with codified rules for operational efficiency, all within the regulatory perimeter.
This marks a foundational step toward trusted, scalable post-trade that bridges traditional finance and always-on markets.
With this approval, we now have the regulatory clarity needed to support institutional adoption at scale. It also sets the groundwork for our broader goals, which include horizontal clearing and depository capabilities, subject to further approvals.
Thanks to our team, partners including the authorisation teams at the FCA, and working-group members for getting us here!
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FCA Authorisation
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"This authorisation is a seminal moment, not just for ClearToken, but also for institutional participation as it provides a clear and realistic roadmap for growing the digital asset economy."
Read the press release
On 11th November, ClearToken Depository Limited (ClearToken Depository) was authorised by the FCA as an Authorised Payment Institution under the Payment Services Regulations 2017 and became registered as a cryptoasset firm (CASP/VASP) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Now authorised, ClearToken Depository will operate our DvP net settlement service, CT Settle. More on CT Settle and go-live below.
This is a major step forward for digital asset markets, particularly for the UK's leading role, as reflected in the enthusiastic industry and press response:
- A-Team Insight spoke with Ben about how authorisation and the road to go-live "provides a clear, realistic path forward for growing the digital asset economy".
- CryptoUK described our authorisation as a "breakthrough… and a crucial step toward next-generation regulated market infrastructure".
- The Block marked our milestone as "another step in the country’s [UK] push to modernize its crypto infrastructure after years of slow progress."
- Financial News were first to report, noting the FCA's increased commitment to digital assets.
Keep an eye on our LinkedIn page as we have more conversations with the market about this and what's to come with CT Settle.
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CT Settle Is Launching
– Be Part of It
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We’re excited to announce the upcoming launch of CT Settle, ClearToken’s first live service.
Our go-live venue is LMAX Digital, where CT Settle will facilitate daily coin and fiat movements on and off exchange. If you're already a participant on LMAX Digital and would like to benefit from position offsetting between your counterparties and venues including LMAX, start onboarding to CT Settle.
Whilst the CCP clearing service (CT Clear) is seen as key to institutionalising the digital asset market, the DvP service (CT Settle) is a cornerstone to our service and will provide substantial value in its own right. Market Participants have a strong desire to reduce working capital requirements and ensure that spot stablecoin and cryptoassets trade flows are streamlined and institutionalised.
DvP Working Groups
We invite you to work with the core CT Settle network, other counterparties joining the network or your trading partners that you would like to move to ClearToken for post-trade settlement. Reach out to Eric (USA), Peter (EMEA) or Bart (APAC) to get started.
You can also learn more about CT Settle at our upcoming Webinars. See below for more.
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Webinars
ClearToken will host webinars with an overview of the service, how to begin onboarding to CT Settle, as well as a view on our roadmap including plans for CCP Clearing, with plenty of time for your questions. Please register at the best time for you:
Tuesday 25th November
Tuesday 2nd December
If you cannot make one of these times, please reach out to sales@cleartoken.io or our business development team in your region (see above).
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What if Lehman Collapsed in a Crypto-Like Market?
Ben’s op-ed for TabbFORUM looks at 2008 through today’s lens. The core point: without the legal certainty that a completed transfer can’t be unwound, an insolvency could see trades reversed, freezing markets and amplifying contagion. Read it here.
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The Crypto Crash & Auto-Deleveraging: a Call for Market Maturity
We reflect on the October 10th crypto sell-off, where more than $19bn in liquidations triggered widespread auto-deleveraging (ADL). We explain ADL and the gaps it exposes gaps in market design, contrasting against clearing houses' use of transparent rules and pre-agreed loss handling to absorb shocks. Read it here.
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Upcoming Events
To stay informed about where you can meet our team or to organise a personal conversation, please reach out to sales@cleartoken.io for more information.
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FIA Expo | Chicago, US | 17 – 18 November
Following on from our runner-up prize at the Innovators Pavilion last year, ClearToken are returning to FIA Expo. Reach out to either Pete or Eric to meet up there, or if you would like us to stop by your offices.
Recently Attended Events
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AFME OPTIC | Amsterdam
Our Chair, Niki Beattie, was a panellist at AFME’s annual Operations, Post-Trade, Technology & Innovation conference, notably sharing that we need to enforce current regulations instead of creating new ones.
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Travers Smith – Future of Fintech 2025 | London
Our Head of Legal and Regulatory, Clare Weaver, represented ClearToken on a panel moderated by Depository Board Member and Head of Compliance & MLRO, Claire Conby discussing how the UK wins the global digital assets race.
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Industry Events at the House of Lords | London
Web3 Education, Innovation & Opportunity: Claire and Group Head of Compliance, John Bratowicz, represented ClearToken at a gathering that brought together lawmakers, academics, and industry participants to explore how blockchain can shape digital innovation.
100 Impact Leaders in Digital Assets: Claire and Clare celebrated industry innovators at a gala dinner hosted by Dr Lisa Cameron and Baroness Manzila Uddin.
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Thank You
Thank you for being an integral part of ClearToken’s journey, as your support fuels our progress in bringing post-trade infrastructure for digital assets closer to reality. Stay tuned, and as always, thank you for joining us on this journey!
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Benjamin Santos-Stephens – CEO
ben@cleartoken.io
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ClearToken Depository Limited is registered with the United Kingdom Financial Conduct Authority (Firm Reference Number 1016940) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 in respect of its activities in cryptoassets only; and is an Authorised Payment Institution regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 (Firm Reference Number 1017352)
Registered address: 1 Bow Churchyard, London EC4M 9DQ
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