FCA Lifts Ban: BlackRock to Launch Bitcoin ETP in UK
The Financial Conduct Authority (FCA) has lifted its ban on retail access to crypto investment products in the UK, paving the way for a significant development in the market. BlackRock, the world's largest asset manager, is set to launch its Bitcoin ETP in the UK, marking a major step for Bitcoin investment in one of the world's key financial markets.
The FCA's decision, overseen by its senior management and relevant regulatory committees, enables BlackRock to introduce its iShares Bitcoin ETP to UK investors. This launch, scheduled for October 8, 2023 or later, will provide both institutional and retail investors with regulated exposure to Bitcoin, rather than purchasing the cryptocurrency directly. This move signals a regulatory turning point in the UK financial market and is expected to reshape the UK's crypto regulation landscape, boosting competition and innovation.
The FCA's approval of Bitcoin exchange-traded products comes after the UK government's goal to lead in global financial innovation post-Brexit. This launch aligns with that objective and follows BlackRock's successful introduction of its iShares Bitcoin Trust in the U.S.
With the FCA lifting its ban on retail access to crypto investment products, BlackRock's launch of its Bitcoin ETP in the UK offers investors a more secure and regulated way to explore Bitcoin exposure. This significant development is set to reshape the UK's crypto regulation landscape and boost competition and innovation in the market.
