FCA Seeks Market Views on Tokenized Gold and Wholesale Markets

The UK's Financial Conduct Authority (FCA) has launched a call for input on tokenized gold, seeking market participants' views on how moving the precious metal onto blockchain rails could improve its trading, transfer, and holding in UK wholesale markets.

The regulator is considering various policy responses to feedback, including additional regulatory clarity, guidance, or a bespoke regime built alongside the Treasury. It also wants to explore how interoperability can be improved through industry-led market standards.

The FCA's interest in tokenized gold stems from a May call for input on the future of tokenization, which highlighted the London spot gold trading market's international strength and potential benefits for wholesale collateral and retail investment. Global tokenized gold trading has already reached $90.7 billion in the first quarter of 2026.

The regulator is weighing whether uncertainty around the collective investment scheme (CIS) and alternative investment fund (AIF) regulatory perimeter is holding back certain use cases for gold, with comments due by October 23. The move is part of a broader push by UK authorities to modernize wholesale markets through tokenization.