FCA Clears Tokenized Funds to Operate Under Existing UK Fund Rules

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The FCA issued policy statement PS26/7 to let tokenized funds operate under the UK’s existing fund rules instead of separate experimental structures. The guidance lets firms use DLT-based investor records through the Blueprint model and says onchain transaction records can serve as the primary books for unit deals if resiliency plans are in place. PS26/7 also introduces an optional Direct-to-Fund dealing model and leaves room for waivers on digital cash and stablecoin settlement, while the broader UK cryptoasset framework is due in October 2027.

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