WisdomTree, an asset manager in the UK, has been approved to be listed by Financial Conduct Authority UK (FCA). Bitcoin and Ethereum exchangE-traded Products (ETPs), on the London Stock Exchange.
BREAKING: 🇬🇧 Financial Conduct Authority has approved #Bitcoin ETPs will be listed on the London Stock Exchange.
Slowly, then suddenly🚀 pic.twitter.com/hMjN24qRMl
— Bitcoin Magazine (@BitcoinMagazine) May 22, 2024
WisdomTree’s physical Bitcoin was approved by the FCA ETPs Trading will begin on 28 May. The firm, which has $111 billion in assets under management (AUM), will offer these products initially exclusively to professionals investors.
The FCA announced in March that it no longer objects to Bitcoin ETPs for professional investors. This move follows on from the FCA’s March announcement that it would no longer object to Bitcoin ETP listings for professional investors. Hong Kong Early this year,
WisdomTree claims to be one of the few firms whose Bitcoin ETP prospectus has been approved by the FCA, which is traditionally wary about Bitcoin. It is a significant shift from the FCA, which had banned these offerings by 2020.
The FCA’s stance has softened as major markets such as the US and Hong Kong are warming to Bitcoin funds regulated by the FCA. It plans to maintain the ban for retail investors.
Even traditional institutions are adopting Bitcoin ETFs. Recently filed SEC 13F documents revealed that major banks are now involved in the Bitcoin ETF market. financial Giants have purchased significant amounts of US Bitcoin spot ETFs.
WisdomTree plans to charge its Bitcoin ETPs on the LSE a fee of 0.35%. It already operates on European exchanges, and offers Bitcoin ETPs. Bitcoin ETF The United States
Some people believe that the FCA’s approval will lead to a greater adoption of Bitcoin by UK institutions, as it removes regulatory uncertainty. The UK regulator has further confirmed that Bitcoin will be around for a long time by approving WisdomTree’s Bitcoin ETPs.
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Source: bitcoinmagazine.com