#EthereumETFApprovalExpectations

REGULATION

UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange

The Financial Conduct Authority (FCA), the UK’s top financial regulator, has approved physically backed bitcoin and ethereum exchange-traded products (ETPs) for listing on the London Stock Exchange for the first time. “FCA approval in this respect could result in greater institutional adoption of the asset class,” Wisdomtree stated.

First Bitcoin and Ethereum ETP Listings on LSE

The UK Financial Conduct Authority (FCA) has approved crypto exchange-traded products (ETPs) by Wisdom tree and 21 shares to list on the London Stock Exchange (LSE).

“Wisdomtree is amongst the first issuers to have its prospectus relating to crypto ETPs approved by the FCA,” the company emphasized, adding:

Its 100% physically backed bitcoin and ethereum ETPs, Wisdom tree Physical Bitcoin and WisdomTree Physical Ethereum, will be listed on the LSE at the earliest date possible which is expected to be on Tuesday May 28th. At the time of listing, these ETPs will only be available to professional investors.

The two Wisdomtree’s physically backed bitcoin and ethereum ETPs will have fees of 0.35%, the same as equivalent vehicles listed in a number of continental European exchanges. Alexis Marinof, Head of Europe at Wisdomtree, explained that the FCA’s approval is a crucial development for the crypto industry, potentially leading to increased institutional adoption. All the UK-listed crypto funds will be constructed as exchange-traded notes (ETNs), a structure common across the European cryptocurrency market.