Bitcoin ETPs from WisdomTree and 21Shares have started trading on the London Stock Exchange
However, they are unlikely to attract strong demand since retail investors will not be able to buy these ETPs. The FCA expressed concerns about the potential harm that these products might cause to retail buyers. European regulations prevent issuers from offering exchange-traded funds for a single commodity like Bitcoin due to diversification rules. Cryptocurrency ETPs, which have been around for years, provide buyers with a rather similar investment experience.
The key difference is that ETPs accept the underlying asset in-kind, which means that authorized participants or issuers exchange the crypto asset themselves for shares of the corresponding ETP. For comparison, US-based Bitcoin ETFs, such as BlackRock's IBIT, exchange cash for ETP shares. 21Shares Ophelia Snyder has noted that the UK has one of the most liquid capital markets in the world.
The U.K.'s main financial regulator, however, remains cautious about the industry. It recently defended its slow pace of approving crypto applications, claiming that it wants to prioritize trust. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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