# Tokenised securities and digital bonds in the UK

Tokenised securities are regulated investments. They must be promoted and sold by FCA-authorised firms. Tax follows the underlying asset — shares, bonds or funds — not generic crypto CGT treatment alone.

## Key facts
- FCA regulates tokens that are specified investments such as shares or debt securities.
- Tokenisation does not bypass prospectus or promotions rules.
- HMRC taxes according to the nature of the underlying asset.
- FSCS may apply where the product is a protected deposit or investment — check specifics.

## What tokenisation means

A tokenised security is a digital representation of ownership or debt recorded on a blockchain or similar infrastructure. The economic rights mirror traditional securities.
## FCA perimeter

Issuing, arranging or advising on tokenised securities requires FCA authorisation. Financial promotions must comply with full investment rules, not only crypto promotions guidance.
## Tax treatment

Gains on tokenised shares may fall under standard share CGT rules. Income from tokenised bonds is taxed as interest. Consult HMRC guidance for your specific product.

## FAQs
### Are tokenised gilts the same as crypto?

No. Tokenised UK government debt would be a regulated financial instrument, not an unbacked exchange token.

## Sources

- [FCA — Regulated cryptoassets](https://www.fca.org.uk/firms/cryptoassets)
- [HMRC — Cryptoassets Manual](https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual)

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— Digital Assets UK (https://digital-assets.co.uk/assets/tokenised-securities/), reviewed 2026-06-23. Source: https://www.fca.org.uk/firms/cryptoassets