Green Light for Crypto in London! WisdomTree, a leading asset manager, has received approval from the UK's Financial Conduct Authority (FCA) to list its physically-backed Bitcoin and Ethereum exchange-traded products (ETPs) on the London Stock Exchange (LSE).
Key Points:
First Movers Advantage: WisdomTree is among the first issuers to get its crypto ETP prospectus approved by the FCA.
Early Access for Professionals: The Bitcoin (BTCW) and Ethereum (ETHW) ETPs are expected to debut on the LSE as early as May 28th, initially catering to professional investors.
Competitive Fees: These ETPs boast a management expense ratio (MER) of 0.35%, offering one of the lowest fee structures for institutional-grade crypto ETPs in Europe.
Boost for Institutional Adoption: The FCA's approval is seen as a significant step towards wider institutional acceptance of cryptocurrencies in the UK. Alexis Marinof, Head of Europe at WisdomTree, highlights the convenience this brings to UK investors, who previously had to access crypto ETPs through overseas exchanges. He also believes it could remove regulatory barriers and uncertainties that have limited institutional exposure to Bitcoin and other crypto assets.
Shifting Regulatory Landscape:
The FCA's approval marks a notable shift in its stance on crypto ETPs. Previously, the regulator banned crypto derivatives products, including ETPs, in January 2020. However, with the increasing popularity of crypto ETPs in Europe and recent US approvals for spot Bitcoin ETFs, the FCA seems to be adapting its approach.
What This Means for UK Investors:
The upcoming listing of WisdomTree's ETPs provides UK-based professional investors with a more familiar and accessible way to gain exposure to Bitcoin and Ethereum through the established London Stock Exchange platform.
Disclaimer:
We are not financial advisors: This information is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any investment decisions.
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Source: WisdomTree
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