21Shares, Bitwise and WisdomTree open UK retail access to Bitcoin and Ethereum ETPs following FCA approval
Three major crypto asset managers launched Bitcoin and Ethereum ETPs for UK retail investors after the FCA lifted a four-year ban.Summary
Following the Financial Conduct Authority's (FCA) decision to lift its four-year retail ban on crypto exchange-traded notes (ETNs), 21Shares, Bitwise, and WisdomTree have made their physically backed Bitcoin and Ethereum Exchange-Traded Products (ETPs) available to UK retail investors.
21Shares listed two products on the London Stock Exchange (LSE) with some fees as low as 0.1%, while WisdomTree listed theirs with fees of 0.15% and 0.35%. Bitwise also announced listings, reducing its Core Bitcoin ETP fee to 0.05% temporarily. BlackRock also listed its iShares Bitcoin ETP on the LSE.
The FCA's previous restriction, in place since January 2021, prohibited the sale of crypto derivatives and ETNs to retail consumers. This new development allows access via standard brokerage accounts and tax wrappers, aligning the UK more closely with other global markets, though the ban on broader crypto asset derivatives for retail remains.
(Source：The Block)