The Financial Conduct Authority (FCA) in the UK has taken a significant step towards aligning with other financial hubs regarding digital assets. They've greenlit the first cryptocurrency ETFs, as announced by WisdomTree Inc, a prominent asset management firm. These ETFs, backed by hard assets, will track Bitcoin and Ethereum and are slated to debut on the London Stock Exchange potentially as soon as May 28.
Another major player, Invesco Digital Markets, has also confirmed approval for a Bitcoin ETF, with trading expected to commence on the same day.
Several other issuers, including ETC Group, 21Shares, and CoinShares, have applied to list their own crypto products in the UK. The FCA's endorsement listings from WisdomTree, 21Shares, and Invesco Digital Markets Plc, as of the Wednesday deadline, signify the first day of trading possibilities.
While these listed products will directly hold Bitcoin or Ethereum, they'll only be accessible to professional investors under FCA regulations. This approach is more stringent than in the US, where newly approved Bitcoin ETFs, managing a combined total of $59 billion, have a broader investor base since January.
May 2024, Cryptoniteuae