The Strategist

The UK to launch first cryptocurrency ETPs on 28 May

05/23/2024 - 06:38

WisdomTree has been given permission by the UK's Financial Conduct Authority (FCA) to trade ETPs that invest in Ethereum and Bitcoin, two of the most popular digital tokens.
The trading will start on the London Stock Exchange (LSE) on May 28.

The Financial Times reports that the UK will see the introduction of exchange-traded cryptocurrency products over ten years after Sweden saw the introduction of the first ones.

At that, cryptocurrency ETPs on the LSE will only be accessible to professional investors due to a ruling by the FCA stating that "crypto derivatives are not suitable for retail consumers because of the negative attributes they possess".

The FCA's stance is in opposition to that of authorities in other nations, who have allowed ordinary investors to purchase comparable ETPs.