The UK Financial Conduct Authority (FCA), the country’s financial regulator, is asking market participants whether moving gold onto blockchain rails could improve how the metal is traded, transferred, pledged and held in UK wholesale markets. The consultation, published on Sept. 14, follows a joint FCA and Bank of England consultation in May on the future of tokenization, in which gold emerged as an industry priority. The FCA said responses could lead to additional regulatory clarity, guidance, a tailored regime developed with the Treasury or other measures. It is also examining whether uncertainty around the regulatory perimeter for collective investment schemes and alternative investment funds is limiting potential uses, and how industry-led market standards could improve interoperability. Comments are due by Oct. 23. The initiative accompanies a joint FCA and Bank of England feedback statement confirming work on tokenized collateral and a commitment to publish a tokenization roadmap by the end of this year. The roadmap is intended to set target dates and key dependencies for how assets such as tokenized gold may be treated in practice. Global trading in tokenized gold exceeded $90.7 billion in the first quarter of 2026, while lenders including Arch Lending have begun accepting tokenized gold as collateral.