The Financial Conduct Authority (FCA), the UK’s financial regulator, is the first cryptocurrency By approving its ETPs, it has taken an important step towards aligning the UK with other financial centers in the field of digital assets.
WisdomTree Inc, a leading asset management firm, is listed on the London Stock Exchange. Bitcoin And Ethereum announced that it has received approval from the FCA to list a pair of hard-backed crypto ETPs. These products could begin trading as early as May 28, the company said in a press release on Wednesday.
In a separate statement, Invesco Digital Markets also confirmed that it has received approval for the Bitcoin ETP and expects transactions to begin on the same day.
A number of other issuers, including ETC Group, 21Shares and CoinShares, have also applied to list their own crypto products in the UK. The FCA’s website showing endorsements listed listings from WisdomTree, 21Shares and Invesco Digital Markets Plc as of 12pm on Wednesday, the deadline to enter the first day of trading.
Although all listed products will directly hold Bitcoin or Ethereum, they will only be available to professional investors under rules set by the FCA. This represents a stricter stance than in the United States, where a new group of Bitcoin ETFs approved in January now manage a total of $59 billion.
*This is not investment advice.
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