Valor Econômico has published an article by our partner Tiago Severo Gomes on one of the most sensitive – and least understood – topics in the digital asset ecosystem: the tokenization of gold.
The article highlights a crucial point: tokenizing does not mean simplifying. When the asset is a physical commodity with its own geological, tax, financial and technological trails, the level of governance required rises sharply.
Key highlights of the article:
- Economic function defines the regulatory regime: gold-backed tokens fall under the Central Bank's remit, except when they carry elements of collective investment (in which case they move to the CVM).
- Backing, custody and redemption must withstand due diligence: serialized bars, qualified custodians and independent audits are no longer "good practices" but survival requirements.
- 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 risk of regulatory reclassification.
- The rule is simple: same risks, same requirements, in line with FINMA, VARA and SEC practices.
The conclusion is direct: 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, solid governance and real institutional integration.
The discussion is strategic for developing a secure, scalable and technically sound digital market in Brazil.
Congratulations to Tiago on the analysis published in Valor.
