Call for Input: Tokenised gold – opportunities and risk for UK wholesale markets

Read the Call for Input (PDF)[2]

Why we are consulting

Tokenisation means creating digital tokens that represent ownership of physical gold, which can then be transferred electronically.  

There is an opportunity for the UK to lead on the next generation of gold-market infrastructure in an innovative, responsible and risk-aware way.

We want to understand whether tokenising gold could boost efficiency and competitiveness, while maintaining market integrity and protecting consumers.

We’re particularly interested in understanding:

• use cases in wholesale markets
• specific areas which may prove challenging
• the impact of perceived uncertainty around the collective investment scheme (CIS) and alternative investment fund (AIF) regulatory perimeter

Who this is for

• Gold market participants, including clearing members.
• Firms developing or considering tokenised gold products.
• Asset managers and firms operating gold CISs or AIFs.
• Technology and infrastructure providers working on digital asset platforms.
• Consumer groups and investors interested in gold-backed products.
• Stakeholders interested in tokenisation of other commodities.

Next steps

Read the full Call for Input to understand the questions we're asking and the policy options we're considering.

Send us your views by 23 October 2026. Email your response to [email protected].

We'll review all responses and use them to shape our future approach. This may include providing guidance, or considering a bespoke regime for tokenised gold.

Background

We are exploring gold tokenisation in line with our wider work on the future of tokenisation in UK wholesale financial markets. We are looking at the potential for distributed ledger technology (DLT) to support new growth opportunities.

In May 2026, we published a joint Call for Input[3] with the Bank of England on the future of tokenisation in UK wholesale markets. Respondents raised gold specifically, reflecting London's position as the world's largest centre for spot gold trading[4]. This prompted us to explore tokenised gold in more detail.

Gold tokenisation could make gold easier to transfer and use across digital markets, particularly as wholesale collateral. It may also support new forms of retail investment and product innovation.  

We want to understand whether tokenisation could strengthen the efficiency and competitiveness of UK wholesale markets while preserving the strengths of London's existing gold-market infrastructure.

This work supports our objectives to protect consumers, and support healthy competition and the international competitiveness of UK markets.