Tokenisation advances on two fronts: FCA drafts gold rules, Schroders wins Irish approval

Regulated tokenisation took two steps forward. The UK's Financial Conduct Authority is drafting rules covering tokenized digital assets, with tokenized gold among the instruments in scope, and is expected to report progress within the next few months. Separately, Schroders secured Irish regulatory approval for a tokenised money market fund, adding to a small but growing group of European asset managers issuing fund shares on distributed ledgers. Both developments point to supervisors and large managers converging on tokenised versions of conventional assets — bullion and short-term cash instruments — rather than crypto-native products.