FCA seeks input on tokenised gold: perimeter uncertainty is the central question, bespoke regime among the options
Worth reviewing if you operate in wholesale commodity or digital asset markets. Responses close 23 October 2026.
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The FCA has published a Call for Input on tokenised gold in UK wholesale markets, published 14 September 2026, covering trading, transfer, pledging and custody. Gold was specifically raised by respondents to the FCA and Bank of England's joint May 2026 tokenisation Call for Input, prompting this more focused exercise. This is not a consultation with proposed rules attached; it is the FCA gathering evidence before deciding what, if anything, to do next. If you trade, custody, or clear gold in the wholesale market, or operate adjacent digital asset infrastructure, this is worth reading before October.
The regulatory classification of tokenised gold is not straightforward. The FCA defines tokenisation here as creating digital tokens that represent ownership of physical gold, which can then be transferred electronically.
The central tension is the regulatory perimeter around collective investment schemes (CIS) and alternative investment funds (AIF). Industry participants have told the FCA that uncertainty over whether tokenised gold products fall within either framework could restrict investor access and slow market development. That perimeter question is the main thing the FCA wants input on, alongside use cases and practical challenges.
One option under active consideration is a targeted exemption from CIS and AIF rules for certain tokenised gold products or related market infrastructure. The FCA plans to work with the Treasury to assess this, though no decision has been made and the regulator has said it remains open to different approaches. A bespoke regime for tokenised gold is also under consideration.
The FCA and Bank of England have identified clearing and settlement as the post-trade area where market participants see the biggest opportunity from tokenisation. The Bank of England is running a parallel track: it is considering whether tokenised assets should qualify as eligible collateral under its Sterling Monetary Framework, and plans to consult later in 2026 on allowing central counterparty clearing houses to accept tokenised assets as collateral.
Send responses to tokenisedsecurities@fca.org.uk by 23 October 2026.
