The First bitcoin exchangeAfter a receiving approval Financial Conduct Authority in the UK. Today, both WisdomTree Asset Managers and 21Shares listed Bitcoin ETPs at the LSE.
NEW: 🇬🇧#Bitcoin ETPs began trading today on the London Stock Exchange.
Are you prepared? đź‘€ pic.twitter.com/llurxr1NjC
— Bitcoin Magazine (@BitcoinMagazine) May 28, 2024
The FCA approved the listing of Bitcoin ETNs on the LSE last week. It enabled issuers that had been waiting for regulatory approval to bring Bitcoin ETNs into the LSE to launch today.
Two Bitcoin products are listed on the website: 21Shares Bitcoin Exchange Traded Note (ETN) and 21Shares Bitcoin Index Fund.ABTCThe 21Shares Bitcoin ETN (CBTC) is also available. WisdomTree also launched its Physical Bitcoin ETN (BTCW).
ETNs are all designed to provide exposure for the bitcoin price. Currently, they are only available to professionals under FCA regulations. “But the game-changer in the UK will be when the retail ban is lifted; there is a retail ban on trading bitcoin and ether ETNs at the moment”Alex Pollak is the head of UK at 21Shares.
The launch of the London Digital Asset Hub is an important milestone in both Bitcoin adoption as well as London’s ambitions to become a hub for digital assets. Other major financial Centers like Europe, the US and Hong Kong offer bitcoin funds that are regulated, so the FCA is under pressure to keep up.
21Shares co-founder Ophelia Snyder emphasised, “The UK is one of the deepest, most liquid capital markets in the world.”
The FCA has a gradual approach in opening up its market. The LSE’s listing of bitcoin ETNs allows professional investors for the first-time to get regulated exposure in crypto assets.
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Source: bitcoinmagazine.com