According to CoinDesk, asset management company WisdomTree (WT) has received approval from the UK Financial Conduct Authority (FCA) to list cryptocurrency exchange-traded products (ETPs) on the London Stock Exchange (LSE), and said it is one of the first applicants approved by the UK regulator. WisdomTree's Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs are expected to start trading on May 28, open only to professional investors, with a fee of 35 basis points. The New York-based company manages more than $111 billion in assets worldwide, and its WisdomTree Bitcoin Fund (BTCW) is one of the products approved to operate spot Bitcoin ETFs in the United States in January this year. Since 2019, the company has offered cryptocurrency products on European exchanges. The FCA said in March this year that it would not object to requests from financial institutions seeking to list ETPs for professional investors. The LSE confirmed that it will accept applications for Bitcoin (BTC) and Ethereum (ETH) products in the second quarter. The FCA imposed a ban on cryptocurrency derivatives products, including ETPs, in January 2020, but following the approval of spot ETFs in the U.S., the regulator adjusted its stance while maintaining the ban for retail investors.
