FCA tokenisation update: roadmap expected and new Call for Input on tokenised gold - Lewis Silkin

The UK's Financial Conduct Authority is pressing ahead with its work on tokenisation, with a roadmap expected alongside a new Call for Input focused on tokenised gold, according to law firm Lewis Silkin. The move signals that the regulator is widening its examination of how distributed ledger technology could be applied to traditional asset classes, not just crypto-native products.

Tokenisation refers to representing ownership of an asset — such as gold, funds or bonds — as a digital token on a blockchain. For markets, the appeal lies in potentially faster settlement, fractional ownership and around-the-clock trading. Gold is a notable test case given its deep, globally traded market and established custody and settlement conventions.

For market participants, the key items to watch are the scope of the Call for Input, the timeline set out in the roadmap, and how the FCA frames investor protection and custody risks. The direction of travel suggests tokenisation is moving from concept toward supervised experimentation, though concrete rules will depend on the feedback received.