HSBC Approved for Bank of England’s Digital Sandbox

According to The TRADE News, HSBC has become the first applicant to be approved by the Bank of England to go live in the UK’s digital securities sandbox (DSS). The approval means HSBC Orion, the bank’s digital assets platform, can now operate within the DSS as a digital securities depository (DSD), supporting digitally native bond issuance, servicing and settlement. That remit covers corporate bonds as well as DIGIT, the UK’s planned digital gilt instrument. DIGIT is set to be issued by Q1 2027. UK government has confirmed it is taking steps to prepare for potential future issuances.