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BTC UK financial regulators are weighing an exclusive framework for tokenized gold
According to the Financial Times, the UK's Financial Conduct Authority (FCA) is expected to signal on Monday that it is exploring exemptions from certain fund rules for tokenized commodity products. The FCA is working with the Bank of England and the UK Treasury to advance the initiative. The three agencies are reviewing the possibility of establishing an independent regulatory regime for tokenized gold and similar products that distinguishes them from existing collective investment plan (CIS) and alternative investment fund (AIF) classifications.
The London gold market occupies a central position
According to the World Gold Council, London accounts for approximately 70% of the nominal trading volume of global over-the-counter gold transactions, making it a natural hub for building tokenized commodity infrastructure. The FCA is expected to point out that tokenization could make gold easier to divide and circulate in digital markets, a move that could free up more London's gold bar reserves to be used as collateral for financial transactions.
Industry participants who declined to be named told regulators that existing legal ambiguity has caused problems. Because it is unclear whether tokenized gold falls under collective investment plan rules or alternative investment fund rules, companies have warned that product development may stall and some investors may not even have access to such products at all. Currently, the FCA has not announced a final decision.
The driving force for broader wholesale market modernization
At the same time, the Bank of England is separately reviewing whether tokenized assets, including stablecoins, qualify for qualifying collateral under its sterling monetary policy framework. If realized, this would mark a major shift in the way central banks treat digital instruments in liquidity operations.
These proposals for tokenization of gold are on the broader regulatory agenda. The UK has been refining stablecoin rules and testing the compatibility of digital pounds with cross-border payment systems, and the latest FCA review is part of a drive to align wholesale financial market infrastructure with the development of digital assets.
The Financial Times pointed out that none of the proposals currently under review have entered the final decision-making stage.
