The Financial Conduct Authority has published consultation proposals to support fund tokenisation in UK asset management, aiming to give firms greater clarity on what can be done under existing rules and to outline additional changes it is considering to enable wider adoption. The package includes proposed guidance on operating tokenised fund registers under current FCA rules using the UK Blueprint model, and a streamlined alternative dealing model for fund managers to process subscriptions and redemptions in authorised funds whether traditional or tokenised. It also sets out a roadmap to advance tokenisation by tackling barriers such as use of public blockchains and fully on-chain settlement, alongside a broader discussion of how tokenisation models could evolve and where regulation may need to change. The FCA positioned the work as supporting delivery of its digital assets roadmap in a UK market where around 2,600 firms manage GBP 14 trillion for UK and global clients.
Financial Conduct Authority 2025-09-17
Financial Conduct Authority launches consultation on guidance and new dealing model to progress fund tokenisation
The Financial Conduct Authority has released proposals to facilitate fund tokenisation in UK asset management, clarifying existing rules and potential changes for broader adoption. The proposals include guidance on tokenised fund registers, a streamlined dealing model for fund managers, and a roadmap addressing barriers like public blockchain use and on-chain settlement. This initiative supports the FCA's digital assets roadmap in a market managing GBP 14 trillion for UK and global clients.