According to CoinMeta, the UK Financial Conduct Authority (FCA) is preparing a regulatory framework for tokenized gold and exploring how these products can be used as collateral assets in wholesale markets. The FCA has already discussed potential rules for tokenized gold with banks and other industry participants, seeking feedback on their use as collateral. London is the world's largest over-the-counter gold trading center, accounting for about 70% of global gold transactions. These discussions are part of the UK's efforts to expand the tokenized financial market, and it is estimated that by 2035, tokenization could add up to £33 billion (about $44 billion) to the UK's annual economic output.