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

The Financial Conduct Authority is expected to publish a roadmap on tokenisation, alongside a new Call for Input focused on tokenised gold, according to law firm Lewis Silkin. The update signals that UK regulators are moving from broad discussion of distributed ledger technology toward more structured, sector-specific engagement.

Tokenisation refers to representing real-world assets, such as gold, funds or bonds, as digital tokens on a blockchain. For markets, the appeal lies in potentially faster settlement, fractional ownership and greater operational efficiency. Tokenised gold is a notable test case because it combines a long-established physical asset with newer digital infrastructure, raising questions about custody, redemption rights and how tokens map to underlying bullion.

What to watch is how the roadmap sequences the FCA's work and what the Call for Input asks firms to address. Market participants will look for clarity on regulatory treatment, consumer protections and how tokenised products fit within existing UK rules. The direction of travel suggests tokenisation is being taken seriously as a mainstream market structure issue rather than a niche experiment.