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

The UK Financial Conduct Authority is moving forward on asset tokenisation, with a roadmap expected alongside a new Call for Input focused specifically on tokenised gold. According to law firm Lewis Silkin, the update signals the regulator's intent to clarify how existing rules apply when traditional assets—such as gold—are represented on distributed ledger technology.

Tokenised gold sits at the intersection of two regulated worlds: commodities and digital assets. The Call for Input suggests the FCA wants market feedback on where tokenised versions of the metal fit within its perimeter, including questions of custody, redemption rights and how token holders' claims on underlying bullion would be treated. For firms exploring tokenised real-world assets, the roadmap could offer a clearer picture of expected authorisation and compliance routes.

What to watch: the scope of the Call for Input, the timeline set out in the roadmap, and whether the FCA signals a consistent approach that could extend beyond gold to other tokenised assets. The direction of travel matters for market participants weighing UK-based tokenisation against other jurisdictions.