The major asset management company BlackRock has received approval from the Financial Conduct Authority (FCA) to operate as a crypto firm in the UK, strengthening its position in the regulated crypto market.
FCA Approval for BlackRock
The FCA approved BlackRock's registration, allowing the company to operate its European Bitcoin exchange-traded product (ETP) under a UK entity. This decision was made amid the FCA's increasing regulations, which complicate operations for firms failing to meet their strict standards.
ETP Launch and Market Reaction
The registration follows the recent listing of BlackRock’s ETP on the Euronext stock markets in Paris and Amsterdam. The product was launched with a temporary fee waiver of 10 basis points, attracting both retail and institutional investors.
Market Impact and Prospects
Experts believe BlackRock's FCA registration could lead other major investors to consider cryptocurrency. With Europe focusing on this sector, London has a chance to become a key hub for digital assets. While both BlackRock and the FCA remain silent, this approval signifies the growing acceptance of cryptocurrency in mainstream finance.
BlackRock's FCA approval to operate in the UK marks a significant shift in the digital assets landscape, setting the stage for transformative changes in the financial sector.
