The UK's Financial Conduct Authority (FCA) has approved BlackRock to operate as a crypto asset firm, allowing the company to engage in crypto-related activities in the country.
FCA Approval for BlackRock
With FCA's approval, BlackRock can arrange transactions and sales related to exchange-traded products issued by iShares Digital Assets AG, backed by crypto assets. However, retail investors still cannot purchase such products on regulated markets.
Launch of New Products in the European Market
This month, BlackRock launched its Bitcoin ETP in Europe, listed on Euronext Paris and Xetra Frankfurt under the ticker 'IB1T', and Euronext Amsterdam as 'BTCN'. These products are available only to institutional and professional investors.
Galaxy Digital's UK Activities
Galaxy Digital announced FCA approval for its UK subsidiary to execute derivatives trading. The company will also offer capital raising, investment banking services, and trading solutions.
The FCA approvals for BlackRock and Galaxy Digital indicate a growing acceptance of crypto assets in the UK, potentially paving the way for increased institutional investment in cryptocurrencies and further market development.
