UK FCA Seeks Views on Fund Rule Exemptions for Tokenized Gold

The consultation signals that the binding constraint on tokenized gold in the UK is classification, not technology: if these products sit inside collective investment scheme definitions, familiar fund rules apply, and if they sit outside, the compliance path changes materially. That distinction shapes which issuers can distribute to UK investors and how much structuring work sits between a token and a retail audience. Whether the FCA leans toward exemption or toward treating tokenized gold as a fund is the open question to watch.