According to online reports, the UK Treasury announced that it will support wholesale financial markets in exploring the best distributed ledger technology (DLT) and asset tokenization solutions, and promote the widespread application of blockchain technology in the financial field. The government plans to establish a regulatory framework for encryption technology and released draft legislation related to stablecoins in April this year. At the same time, regulators will test stablecoins and other digital payment solutions in the newly established digital securities sandbox.