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BTC The UK's Financial Conduct Authority considers waiving some fund rules for tokenized gold products
It is reported that the UK's Financial Conduct Authority (FCA) is exploring whether tokenized gold products should be included in the exemption of certain fund rules, as part of its drive to expand tokenization applications in wholesale markets.
Explore a customized regulatory framework
According to the Financial Times, the FCA is expected to announce later Monday that it is working with the Bank of England and the UK Treasury to study the establishment of a special regulatory system for tokenized gold or commodities. The regulator pointed out that tokenization technology is expected to make gold easier to divide and transfer in digital markets, potentially freeing up more London gold bank reserves as collateral for financial transactions.
Industry concerns that uncertainty affects development
The Financial Times quoted unnamed industry participants as saying that if there is still ambiguity about whether tokenized gold products apply to the UK's collective investment fund (CIS) or alternative investment fund (AIF) rules, this uncertainty may delay market development and limit the opportunities for some investors to participate. Currently, the FCA has not yet made a final decision.
Regulatory background and market position
The above proposal comes as UK regulators strive to expand the use of tokenization in wholesale markets. In addition, Financial Times pointed out that the Bank of England is also assessing whether tokenized assets, including stablecoins, meet the eligible collateral standards under its sterling monetary policy framework.
According to the World Gold Council, London remains the world's dominant over-the-counter gold market, accounting for approximately 70% of global nominal trading volume. At the same time, the UK is also continuing to promote the formulation of stablecoin rules and testing the interoperability of digital pounds in the field of cross-border payments.
