WisdomTree Gets UK Approval to List Bitcoin, Ethereum ETPs on LSE
The Key Points at a Glance
WisdomTree, a leading asset manager, has received approval from the Financial Conduct Authority (FCA) to list its crypto exchange-traded products (ETPs) for Bitcoin (BTC) and Ethereum (ETH) on the London Stock Exchange (LSE). These products, specifically designed for professional investors, will be available from May 28 and will have fees of 35 basis points.
A Breakthrough for Crypto ETPs in the UK
The FCA’s approval marks a significant step for access to cryptocurrencies on regulated financial markets in the UK. After the FCA introduced a ban on crypto derivative products, including ETPs, in January 2020, the recent decision shows a relaxation of the stance towards these products. It is important to note that the ETPs are made available exclusively to professional investors, reflecting the continued caution of regulatory authorities with regard to the protection of small investors.
WisdomTree: A Pioneer in Crypto Products
WisdomTree is no newcomer to the crypto industry. With over $111 billion in assets under management worldwide and the successful listing of a spot Bitcoin ETF in the US in January, the company continues to expand its presence in the crypto sector. Since 2019, WisdomTree has been offering crypto products on European exchanges, solidifying its position as a leading provider in this field.
The Significance for Professional Investors
The availability of crypto ETPs on a prestigious exchange like the LSE offers professional investors a new way to invest in cryptocurrencies. By listing these products on the LSE, investors can benefit from the security and regulation associated with traditional financial markets while simultaneously diving into the dynamic world of cryptocurrencies.
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Our Assessment
The FCA’s approval for WisdomTree to list its Bitcoin and Ethereum ETPs on the LSE is a significant advance for the crypto market in the UK. It signals not only the growing interest and confidence in cryptocurrencies among professional investors but also the willingness of regulatory authorities to adapt to the evolving landscape. While the products are intended exclusively for professional investors, this development could pave the way for broader acceptance of crypto investments on regulated markets in the long term.
Sources: CoinDesk, Financial Times, Bloomberg
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