WisdomTree has received approval from the Financial Conduct Authority (FCA) to list its physically-backed Bitcoin and Ethereum products on the London Stock Exchange.
The WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs both come with a 0.35% management expense ratio, and are currently listed on Deutsche Börse Xetra, the Swiss Stock Exchange SIX, and Euronext exchanges in Paris and Amsterdam.
Alexis Marinof, head of Europe at WisdomTree, believes the approval marks a ‘significant step forwards’ towards the further adoption of cryptocurrency as a mainstream asset class among professional investors in the UK.
See also: Phoenix Digital buys back half its shares in crypto bounce back
“The FCA approval of our crypto ETPs’ prospectus is a significant step forward for the industry and UK-based professional investors seeking exposure to the asset class,” he said.
“While UK-based professional investors have been able to allocate to crypto ETPs via overseas exchanges, they will soon have a more convenient access point.
“FCA approval in this respect could result in greater institutional adoption of the asset class, as many professional investors have been unable to gain exposure to Bitcoin and other cryptocurrencies due to regulatory limitations and uncertainty – we would expect FCA approval of our crypto ETPs’ prospectus to remove those barriers to entry.”
