The UK FinancialConduct Authority will publish a tokenisation roadmap later this year afterreceiving 123 responses to a joint call for input with the Bank of England.London's trading industry is coming home!The feedback showedbroad support for the regulators’ approach, but respondents called for fasterprogress, clearer timelines and a move from pilots to permanent marketinfrastructure.FCA Sets Priorities for TokenisedMarketsThe FCA said theroadmap will set out specific workstreams and target dates. Key areas includedigital securities issuance and settlement, tokenised assets and collateral,access to central bank money settlement, market functioning, custody ofrelevant specified investment cryptoassets, and the Treasury’s Digital GiltInstrument pilot.Respondents identifiedpost-trade activity, particularly collateral management, as the mainopportunity for tokenisation. Potential benefits include 24-hour trading,atomic settlement, greater collateral mobility and fewer reconciliations.The FCA said tokenisedcollateral could improve collateral velocity and support real-time margincalculations. Tokenised money market funds could also potentially be used ascollateral without being liquidated.Firms also urgedregulators to move beyond sandboxes. A recurring request was for a long-termmodel for digital securities settlement after the Digital Securities Sandbox.Tokenised Assets Face EquivalentPrudential TreatmentThe FCA said it iscommitted to a clear path from the DSS to permanent authorisation and willconsider with the Treasury whether to extend or modify the sandbox or amend thewider Central Securities Depositories Regulation framework.HSBC has alreadyreceived permission within the DSS for notary, top-tier account maintenance andsettlement functions.On regulation, the FCAsaid it remains committed to a technology-neutral approach based on theprinciple of “same risk, same regulatory outcome.” Regulated activities musthave an identifiable responsible firm, including where third-party technologyis used.UK Considers New Path For Tokenized GoldThe UK FCA is preparing to outline possible reforms for tokenized gold products on Monday.The regulator is considering exemptions from rules governing collective investment schemes and alternative investment funds.The proposal could… pic.twitter.com/kncq8VVzv9— BSCN (@BSCNews) September 14, 2026The regulator said itwould not support arrangements where customers have no recourse if assets arelost or stolen. It also highlighted risks involving bridges, key management,oracles, cross-chain messaging and wallet security.Prudential treatmentremains another key issue. The FCA said tokenised traditional assets shouldgenerally receive equivalent treatment to non-tokenised assets where “legalrights are identical and underlying risks are comparable.”RSIC Custody Rules Consultation Set for2027Respondents alsocalled for changes to settlement finality rules and greater clarity around theuse of stablecoins as settlement assets. The FCA confirmed that stablecoins canbe used within the DSS, subject to conditions and Treasury amendments.Interoperability wasalso identified as a major concern. Respondents called for work acrosstraditional and tokenised infrastructure, different blockchains andjurisdictions. The FCA said industry should lead on technical standards.For RSIC custody, mostrespondents favoured a technology-neutral regime broadly aligned with CASS 6.The FCA plans to consult on safeguarding rules in the first half of 2027. Untilthen, firms will be assessed under CASS 6.The FCA has alsolaunched a separate call for input on tokenised gold.This article was written by Tareq Sikder at www.financemagnates.com.