The UK Financial Conduct Authority (FCA) is exploring with HM Treasury a potential bespoke regulatory framework that would exempt some tokenised gold products from parts of existing fund-related rules. The proposal focuses on whether tokenised gold can be treated differently from traditional collective investment schemes and similar structures.
The discussions are also reported to involve the Bank of England, with the aim of assessing whether current regulations fit emerging gold-market infrastructure. One rationale mentioned across coverage is that tokenisation may improve wholesale market efficiency, and that a tailored approach could better reflect how digital gold products operate and are traded.
While outlets describe the initiative as an effort to “defend” and strengthen London’s market position, the underlying reporting is consistent that the FCA is in an exploratory phase. No final decision, scope, or timeline is stated in the available summaries.
