Discover our proposed new rules for fund tokenisation and direct-to-fund dealing. This consultation sets out how we aim to support innovation in UK asset management, while protecting consumers.
Tokenisation is emerging as a key driver of future financial services.
We want to give firms more clarity and confidence to adopt tokenisation in fund management, and make sure our rules are fit for the future.
Our key proposals include:
Our proposals apply to:
This paper may also interest:
Send us your feedback on:
You can submit your feedback online or write to: Funds and Asset Management Policy, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.
We will review the feedback and plan to publish a Policy Statement (PS) with final regulatory requirements, in the first half of 2026.
Tokenisation is a way of representing an asset, or ownership of an asset, by recording it on distributed ledger technology (DLT).
DLT is a digital system that records details of transactions in multiple locations at the same time, rather than on a centralised database.
Following our discussion paper, ‘Updating and Improving the UK regime for Asset Management’ (DP23/2), we have continued to support industry tokenisation initiatives in the UK.
In our January letter to the Prime Minister, we confirmed we would progress our roadmap for digital assets within asset management.
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