The Next Frontier of Digital Assets

FinTech Innovation Meets Regulation

In this special episode of FinTech Focus TV,  recorded live at the FIX EMEA Trading Conference 2025, Toby welcomes back one of the most respected and influential figures in the financial services industry: Dr Robert Barnes, Co-CEO of BPX and Managing Director at Anopolis. Known for his deep understanding of capital markets, regulatory landscapes, and electronic trading, Dr Barnes joins Toby to discuss the seismic shifts taking place across financial services, driven by tokenisation, digital securities, and the evolving role of FinTech in modern capital markets.

As Harrington Starr continues to support the FinTech sector by placing top-tier talent into the world’s most innovative financial institutions, this episode could not come at a more relevant time. With regulation and innovation aligning, the need for strong leadership, talent, and vision has never been more critical.

FIX EMEA 2025: A Landmark Gathering for Global Electronic Trading Leaders

Held annually in London, the FIX EMEA Trading Conference is the single largest global gathering of electronic trading professionals focused on the UK, Europe, Switzerland, and the Middle East. This prestigious event attracts thought leaders, innovators, and key decision-makers from across the electronic trading and capital markets space.

In 2025, the conference took on added significance as conversations about the role of digital securities, blockchain-enabled trading, and the UK’s regulatory advancements gained momentum. The episode kicks off with Toby introducing Dr Barnes as a "legendary" guest, reflecting not only his past appearances on the podcast but also his role as a respected pioneer within the global FinTech ecosystem.

BPX: A Digital Securities Exchange with Real Estate at Its Core

At the heart of Dr Barnes’s message is his role at BPX, a digital securities exchange currently undergoing authorisation from the Financial Conduct Authority (FCA). BPX is focused on enabling the issuance, trade, and lending of real estate funds through dematerialised and tokenised securities. This approach is not just about digitising assets but transforming the way institutional investors engage with one of the largest and most valuable asset classes in the world—real estate.

BPX was recently accepted into the UK’s Digital Securities Sandbox, becoming the first trading venue or stock exchange to receive this recognition. The initiative is overseen by both the Bank of England and the FCA and aims to create a framework for institutions to experiment with innovative technologies within a regulated environment.

This acceptance, confirmed in January 2025, marks a significant regulatory milestone for both BPX and the UK, providing a legal and technical environment in which tokenised securities can be tested, validated, and eventually scaled into live production. As a FinTech recruitment business, we at Harrington Starr see this as a signal of future hiring trends—one where legal, compliance, technology, and product professionals with digital asset experience will be in high demand.

The Origin Story: From a Treasury FinTech Event to Launching BPX

The concept for BPX was born in March 2018, when Dr Barnes attended a UK Treasury-hosted FinTech event celebrating rising stars in the sector. There, he met Ali Ker, a founder who had developed a mobile-first platform allowing individual fractional investment in real estate, complete with anti-money laundering and Know Your Customer (AML/KYC) checks completed in just four minutes. What stood out most to Dr Barnes, however, was the platform’s advanced connection to the UK’s bank payment systems—an integration that predated the rise of open banking and faster payments.

This connection marked the beginning of a professional relationship that would eventually lead to the creation of BPX as an institutionally focused platform. As Dr Barnes recalls, it was the publication of the Law Commission’s 2023 report on digital assets that truly catalysed their launch. The report posed a pivotal question: could 800 years of property enforcement and ownership rights apply to digital assets? The answer was yes. Digital assets may be different from fixed or physical property, but common law could accommodate them.

Adding to this momentum was the Electronic Trade Documents Act, passed in September 2023, which stated that any contract or endorsement traditionally done on paper could now be completed electronically. Combined with the Financial Markets and Services Act, passed in January 2024, and the upcoming Digital Property Rights Bill of 2024, this established a solid legal foundation for tokenisation to become a mainstream tool in the financial services workflow.

Embracing Digital Assets and Tokenisation: Why Now Is the Time

Throughout the discussion, Dr Barnes repeatedly emphasised that “now is the time” for institutions to adopt tokenisation and digital assets. With the legal framework now robust, institutions can proceed with confidence through their governance and risk committees, supported by transparent regulation and policy direction.

Dr Barnes offered a powerful comparison between tokenisation and securitisation using a £5 banknote as a metaphor. When deposited into a bank, the note ceases to be personal property and instead becomes part of a credit relationship. Banks then securitise the deposits, lending out portions and packaging the rest for sale. Tokenisation, on the other hand, leverages distributed ledger technology (DLT) to create transparent, traceable records, where ownership is provable and transactions are irreversible. The result is a system that increases trust, efficiency, and the velocity of money.

The benefits of tokenisation are both structural and practical. For instance, when assets are tokenised, they can be integrated into existing frameworks like SPVs, ETFs, or depository receipts—creating a seamless connection between traditional financial operations and next-generation blockchain-based systems.

T+1 Settlement and Tokenisation: Two Paths Converge

Another critical topic discussed at FIX EMEA 2025 was the UK’s upcoming T+1 settlement mandate, which requires trade settlements to be completed within one business day. According to Dr Barnes, this development represents another major turning point for the industry.

Led by Andrew Douglas, head of the UK Accelerated Settlement Task Force, the T+1 initiative has become a national priority. In February 2025, a major industry event confirmed that October 11, 2027, has been set as the official deadline for firms to be T+1-compliant. Both the Chancellor of the Exchequer and the City Minister have placed T+1 at the centre of the UK’s economic growth agenda, while the Bank of England and FCA have made clear that firms will be expected to budget and automate accordingly as part of their supervisory reviews.

Dr Barnes pointed out that the UK has a unique advantage compared to the U.S., where implementing T+1 has at times led to increased staffing and costs. The UK, he argues, can approach this from a technology-first perspective, leveraging automation and blockchain infrastructure to make T+1 a value-driving transformation rather than a burden.

He also highlighted the synergy between T+1 and tokenisation. Both initiatives require operational change, governance engagement, and technology investment. Rather than treat them as separate streams, institutions can capitalise on this rare alignment and implement both simultaneously—modernising their infrastructure while unlocking new efficiencies and opportunities.

The Strategic Role of Real Estate in the Digital Asset Movement

While many digital securities platforms focus on equities or debt, BPX has taken a deliberate and strategic approach by targeting the real estate sector. Dr Barnes explained that real estate is currently three times the size of equities and twice the size of fixed income, yet it remains largely analogue and illiquid. High transaction costs, complex access barriers, and limited liquidity have long restricted real estate as an investment class.

BPX seeks to change that. By using dematerialisation and smart contracts to tokenise real estate assets, the platform aims to increase access and reduce friction. Dr Barnes envisions a future where institutional investors, fund managers, and even retail participants can access real estate with the same ease and traceability they experience in other capital markets.

With the right technology and regulation in place, real estate tokenisation has the potential to open a vast new segment of the financial ecosystem, creating roles and opportunities for FinTech professionals in product design, compliance, blockchain development, infrastructure, and data science.

The UK’s Leadership in Legal and Regulatory Innovation

A recurring theme in this episode is the UK’s proactive approach to FinTech regulation. From the Law Commission’s reports to the Electronic Trade Documents Act, and the Financial Markets and Services Act, the UK has consistently demonstrated a willingness to adapt legacy legal frameworks to meet the needs of modern finance.

Dr Barnes praised these developments as forward-thinking and essential to building a globally competitive FinTech ecosystem. The acceptance of digital assets as property, the ability to endorse contracts electronically, and the formalisation of the Digital Securities Sandbox have created a blueprint that other nations are likely to follow.

This environment also fosters global hiring potential. For FinTech recruitment firms like Harrington Starr, this means the UK is fast becoming a magnet for talent in regulatory tech, blockchain development, digital law, and financial infrastructure—a shift that is already reshaping how companies hire and scale.

The Importance of Collaboration and Dialogue

The FIX EMEA Trading Conference 2025 reinforced how essential industry collaboration is when navigating complex transformations. Panels such as those on digital assets, tokenisation, and T+1 settlement served as a reminder that regulation, technology, and business need to evolve together.

Dr Barnes noted that initiatives like MiFID and MiFID II were “starting lines” that enabled collaboration without concerns about cartel behaviour. The same applies here. With regulatory clarity now in place, financial institutions can move forward confidently, working in unison to develop the infrastructure, workflows, and governance models necessary to succeed.

Innovation With Purpose and Opportunity

As the conversation wrapped up, Toby reflected on the powerful and timely insights shared by Dr Robert Barnes. The intersection of legal certainty, technological maturity, and market urgency has created a generational opportunity for the financial services industry. From real estate tokenisation to T+1 settlement, and from regulatory sandboxesto scalable infrastructure, we are witnessing a true transformation of the capital markets landscape.

For companies like BPX, the road ahead is filled with opportunity. For FinTech recruitment businesses like Harrington Starr, it represents an exciting new chapter in helping clients find the visionary talent they need to succeed in this new era.

This episode serves as a timely reminder that innovation doesn’t happen in isolation—it requires ecosystem-wide engagement, clarity of purpose, and the right people to bring it all to life.