Page 35 - Bullion World Issue 01 Volume 06 January_2026

Bullion World | Volume 6 | Issue 01 | January 2026

Mr Michael Wharton, Director, AKW Consultants -
Regulation: The Gatekeeper of Credibility
No discussion on tokenised gold is complete without
regulation, and Michael Wharton addressed this head-
on.

He explained that tokenised gold sits at a complex
intersection: traditional precious metals regulation on
one side and the virtual asset regulation on the other.
As a result, regulators demand clarity. They want
proof of reserves, clear ownership rights, strong AML
controls, and regular independent audits. In the UAE,
gold trading and token issuance fall under different
authorities, and alignment between them is essential.

Whether a gold token is treated as a commodity or
a security depends largely on how it is used. Once
tokens begin offering yield, lending, or payment
features, regulatory scrutiny increases sharply.
Mr Michael Wharton

His message was unambiguous: “Tokenisation raises
regulatory expectations-it does not bypass them.”

Mr Usman Sadeem, Co- Founder & CEO of Oro
Labs- Learning from the Front Lines
The session closed with real-world experience from
Usman Sadeem, founder of Oro Labs.

Building a live tokenised gold platform, he said, revealed
that technology was not the hardest part. Legal
structuring, audits, liquidity, and market confidence were
far more challenging. He observed that most gold tokens
will look similar on paper. What will separate winners
from the rest is distribution, liquidity, and real use cases-
access to gold, yield opportunities, and the ability to use
gold as collateral.

Audits, strong partners, and transparent controls are
essential, because physical gold can never be fully
decentralised. Trust, once again, sits at the centre.
Digital gold must solve real problems, not just look
innovative.
Mr Usman Sadeem

A New Chapter for an Ancient Asset
As the session drew to a close, one idea resonated above all others: tokenisation is not a reinvention of gold, but
a reimagining of its journey. The centuries-old assurance of weight, purity, and custody is being translated into
code—carefully, deliberately, and with increasing confidence. The infrastructure is in place, the vaults are trusted,
and regulatory frameworks are taking shape. What lies ahead is not a race for innovation, but a test of credibility. In
this next chapter, the winners will be those who combine technological precision with timeless principles of trust,
transparency, and real economic use. Gold may be ancient—but its digital future is only just beginning.

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