According to CoinMeta, as reported by The Financial Times, the UK Financial Conduct Authority (FCA) discussed tokenized gold standards with major banks on August 10, focusing on the use of wholesale collateral and the status of the London gold market. London remains a major global center for wholesale gold trading, while China is expanding the role of Shanghai and Hong Kong in physical gold transactions. The measures taken by FCA link tokenization policies with competition among major gold centers. FCA and the Bank of England outlined a joint tokenization approach on May 18, covering digital securities, prudential treatment, tokenized collateral, and central bank settlement. The policy document from FCA states that regulators aim to achieve consistent treatment between tokenization and traditional settlement structures. FCA also issued a policy statement on tokenized investments, digital cash, and distributed ledger settlement on April 30, allowing companies to request rule modifications for selected on-chain operational activities.