The UK Financial Conduct Authority is drafting rules specifically governing tokenized gold, addressing custody, disclosure, and backing verification requirements for digital representations of physical gold. The effort reflects growing regulatory attention to tokenized real-world assets beyond stablecoins, as institutional demand for on-chain commodity exposure increases. No final rules have been published; this is a consultation-stage development.
For Armada's crypto-repo desk, the FCA framework is directly relevant because it signals how regulators intend to treat tokenized RWAs as collateral assets, a category that includes Armada's tokenized T-Bill collateral. Standards around proof of reserves, third-party custody segregation, and redemption rights being developed for tokenized gold are likely to migrate to T-Bill tokens. Confirm with Fireblocks whether their custody model would satisfy emerging FCA-style attestation requirements.