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UK · FCA and Bank of England
UK fund tokenisation rules
Comparing Consultation (CP25/28) (Oct 2025) with Final rules (PS26/7) (2026) · 3 added · 2 removed
- Authorised funds may keep their unitholder register on a distributed ledger.
- Removed: The fund manager stays responsible for the register.
- Added: The fund manager stays responsible for the register and must test the ledger's controls each year.
- Units may be issued and redeemed directly to investors on-chain.
- Removed: Settlement of dealing must be in fiat currency.
- Added: Settlement of dealing may use fiat currency or a regulated stablecoin once the UK regime is in force.
- Firms must notify the FCA before launching a tokenised fund.
- Added: Funds may hold other tokenised funds, within existing spread limits.
What this means in practice
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