UK FCA Seeks Views on Fund Rule Exemptions for Tokenized Gold

The FCA's request for views signals that tokenized gold's regulatory classification, not its technology, is the practical bottleneck: uncertainty over whether these products are collective investment schemes can deter issuers and gatekeep retail access. The absence of a timeline or decision keeps that ambiguity in place, so the near-term effect is procedural rather than substantive. The open question is whether the consultation moves toward a formal exemption or preserves the current classification, since that choice shapes how tokenized commodities fit alongside conventional funds.