UK FCA seeks views on fund rule exemptions for tokenized gold

UK FCA seeks views on fund rule exemptions for tokenized gold

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14, 2026, 10:17 UTC: Added information from the UK FCA’s call for input and feedback statement.] The United Kingdom’s Financial Conduct Authority (FCA) is seeking feedback on whether some tokenized gold products should be exempt from fund rules as regulators examine their use in wholesale markets.

In a call for input published Monday, the FCA said it is looking at whether tokenization could improve how gold is traded, transferred, pledged and held in UK markets, including its potential use as wholesale collateral.

The review focuses on tokenized products that represent ownership of physical gold and have transparent backing, clearly defined ownership rights and reliable redemption arrangements.

23 and could determine whether clearer guidance, targeted exemptions or a bespoke regime is needed for tokenized gold, after the FCA said uncertainty around UK fund rules may affect the development of some use cases.  The FCA said uncertainty around whether some tokenized gold products fall under the UK’s collective investment scheme (CIS) or alternative investment fund (AIF) perimeter may affect the development of certain use cases.

If a tokenized gold product is classified as a CIS or AIF, or if its classification is unclear, this could affect whether some investors are willing or able to hold the token, the FCA said.  The regulator said it may consider several policy responses depending on industry feedback.

These include clarifying existing rules, developing a recognized classification for specific regulatory purposes and assessing targeted rule or legislative changes.

It may also consider whether a bespoke regime for tokenized gold or tokenized commodities is needed.

Related: UK financial watchdog weighs lifting prediction markets ban: Report The consultation was published alongside a separate feedback statement from the FCA and the Bank of England on tokenization in wholesale financial markets.  In the statement, the regulators said they received 123 responses to a May call for input and that firms were generally supportive of the UK’s work on wholesale tokenization.

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