UK Regulators Approve Crypto Exchange-Traded Products

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  <p>(Bloomberg) -- A major advancement for the cryptocurrency sector in the UK took place as the nation’s financial watchdog endorsed its maiden batch of crypto-based exchange-traded products (ETPs), signaling the UK's bid to align with other leading economies in the realm of digital assets.</p>
  <p>WisdomTree Inc. announced its authorization from the Financial Conduct Authority for the initial public offering of two physically-backed ETPs that will follow the value of Bitcoin and Ether on the London Stock Exchange. According to WisdomTree, these ETPs are projected to be available for trading by May 28 as per a recent press release.</p>
  <p>A host of other companies, such as ETC Group, 21Shares, and CoinShares, are also racing to secure approval to register their cryptocurrency ETP offerings in the UK. A check of the FCA’s website indicated named entries from WisdomTree, 21Shares, and Invesco Digital Markets Plc by 12 p.m. on Wednesday, which marked the cut-off for inclusion on the inaugural trading day.</p>
  <p>Despite WisdomTree’s ETPs holding Bitcoin and Ether directly, they are exclusively accessible to professional clientele in accordance with the regulations imposed by the FCA. This contrasts with the United States' approach, where recently sanctioned Bitcoin ETFs launched in January currently manage funds of nearly $59 billion — a figure nearly quintuple the sum of crypto-based assets under management in Europe.</p>
  <p>Additional Info: London Bourse Welcomes Application for Bitcoin, Ether Linked Notes</p>
  <p>In various European exchanges, ETPs associated with cryptocurrency have been operational for some years. The inception of US SEC-sanctioned products in January stimulated Bitcoin to soar to unprecedented heights by March and set the stage for broader integration amongst retail and professional financiers.</p>
  <p>Bitcoin and Ether ETFs have also been authorized in Hong Kong, but the investor response has been lukewarm thus far.</p>
  <p>ETC Group has indicated that it’s still pending FCA approval, while 21Shares has refrained from commenting on its application status. The FCA, in turn, did not offer feedback on specific applications. CoinShares and Invesco had not replied to inquiries at the time of publication.</p>
  <p>©2024 Bloomberg L.P.</p>
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