For years now, the crypto pitch has often been framed around the idea of replacement.Bitcoin replaces gold. Stablecoins replace cash. And blockchain replaces traditional finance.It all sounds like a dramatic change in the times. However, the more interesting story may be one that is less so - that being crypto might not replace gold at all. In fact, it may even make gold easier to own, trade and move around.And that idea is becoming more relevant as tokenised gold moves beyond being a niche corner of the market.The very concept itself is simple. Instead of holding a gold bar or buying a traditional ETF, investors can buy a blockchain-based token backed by physical bullion held by a custodian. The appeal is practical.After all, gold is a trusted store of value but it is not especially convenient. Physical bullion needs storage and insurance, and moving it around also takes time.As such, tokenisation pretty much just changes the mechanics without changing the underlying asset.An interesting story that might be flying under the radar to start the week is that the Financial Conduct Authority (FCA) is reportedly considering creating a dedicated regulatory framework for tokenised gold. And that includes potentially exempting it from some of the fund rules that currently apply to collective investment schemes and alternative investment funds.That might sound like a fairly technical regulatory story, but I think the bigger message is worth paying attention to.London is one of the world's major bullion trading centres. And if regulators are looking at ways to make tokenised gold easier to develop there, we are no longer just talking about blockchain as something operating on the fringes. We're talking about putting gold itself onto digital financial rails.As mentioned above, the concept is fairly easy to understand in practice. You have Tether Gold (XAUT) and Pax Gold (PAXG), which allow investors to own tokens backed by physical bullion held in custody.The gold does not suddenly become digital. A bar is still sitting in a vault somewhere. Instead, what changes is everything around it.Tokenised ownership can be divided into smaller amounts, transferred around the clock and potentially be plugged into digital collateral and settlement systems. That removes some of the practical disadvantages that physical gold has always had. Essentially, tokenisation narrows some of that convenience gap without asking investors to abandon gold itself.Naturally, there will be obstacles to any such proposed transition. And for now, FCA director of infrastructure and exchanges, Jon Relleen, said that tokenised gold has "emerged as an area of interest". There will still be a lot of regulatory hurdles to get through at the end of the day.But if and when it happens, the outcome would be rather ironic. One of crypto's biggest contributions may not be replacing gold after all.Instead, it may be making gold better. This article was written by Justin Low at investinglive.com.