BlackRock has launched a Bitcoin-related exchange-traded product (ETP) in the UK after the Financial Conduct Authority (FCA) decided to relax restrictions on crypto investment tools.
On Monday, the asset management company's website indicated that the iShares Bitcoin ETP has been listed on the London Stock Exchange. According to The Sunday Times, this product, structured as a Bitcoin-related security, will allow investors to purchase a portion of Bitcoin (BTC) starting from around $11 per unit.
The ETP is designed to trade within a regulated framework while reflecting the price of BTC, allowing investors to participate in the crypto market through traditional brokerage accounts. It enables UK retail investors to gain exposure to Bitcoin without directly holding the asset or trading on a crypto exchange.
BlackRock is one of the most successful issuers of Bitcoin-related ETPs. According to SoSoValue data, the company's iShares Bitcoin exchange-traded fund (ETF) has net assets exceeding $85 billion.
This move comes weeks after the UK softened its stance on certain crypto-related ETPs. On October 9, the FCA lifted a four-year ban on crypto exchange-traded notes (ETNs). The regulator stated that investors can access these products through FCA-approved exchanges located in the UK.
David Geale, Executive Director of Payments and Digital Finance at the FCA, noted that the market has changed since they restricted retail access to ETNs. He mentioned that the products are now more mainstream and easier to understand.
Crypto ETNs trade similarly to other securities, with their underlying assets securely held by regulated custodians.
While the regulator has softened its stance on ETPs, it stated that the retail ban on crypto asset derivatives will remain in place. However, the FCA added that it will closely monitor the market and consider its approach to these "high-risk investments."
In addition to ETNs, the UK also allows asset management companies to use blockchain technology for fund tokenization.
On October 14, the regulator stated that this move aims to promote innovation and growth in the asset management sector. The regulator recognizes that tokenization has the "potential to drive fundamental change in asset management."
Related: Reports indicate that major Japanese banks plan to jointly issue a yen stablecoin.
Original: “BlackRock Launches Bitcoin (BTC) ETP in the UK After Lifting Trading Ban”
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