Our partner Tiago Severo Gomes has published an article in Valor Econômico on one of the most sensitive, and least understood, topics in the digital asset ecosystem: gold tokenization.
The article highlights a crucial point: tokenizing is not simplifying. When the asset is a physical commodity with its own geological, tax, financial and technological tracks, the level of governance required rises considerably.
Key highlights of the article:
- Economic function determines the regulatory regime: gold-backed tokens fall under the purview of the BC, except when they carry collective investment elements (in which case they move to the CVM).
- Backing, custody and redemption must withstand due diligence: serialized bars, qualified custodians and independent audits cease to be "best practices" and become requirements for survival.
- Traceability is the missing piece: initiatives such as SIGOuro and IdOuro point to a future in which every gram of tokenized gold will have a verifiable path from the mine to the investor.
- Auditable smart contracts: upgrade governance and on-chain transparency reduce asymmetry and mitigate the risks of regulatory requalification.
- The rule is simple: same risks, same requirements: aligned with the practices of Finma, Vara and the SEC.
The conclusion is straightforward: tokenized gold is not a regulatory shortcut; it is market infrastructure. The sector will only advance if it adopts standards equivalent to those of traditional finance, with verifiable backing, sound governance and real institutional integration.
The discussion is strategic for the development of a secure, scalable and technically sound digital market in Brazil.
