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In major news, U.K. retail investors will be able to access Bitwise crypto ETPs referencing Bitcoin and Ethereum on the London Stock Exchange from Oct. 21, following the FCA’s decision to lift its retail access restrictions.
Bradley Duke, Managing Director and Head of Europe at Bitwise, spotlights this milestone in a recent tweet: "Big week this week for UK retail investors. From tomorrow morning, UK retail investors will be able to trade, once again, Crypto ETPs. In preparation for this, Bitwise has 4 ETPs ready." The "direction of travel is clear for crypto," Duke added.
A new rule from the Financial Conduct Authority (FCA), which took effect on Oct. 8, now allows retail investors in the U.K. to buy crypto exchange-traded notes (cETNs). The FCA had prohibited retail access to crypto ETNs in 2021, citing investor protection concerns, but has recently lifted the ban, allowing access provided the ETNs are listed on recognized, FCA-approved U.K.-based exchanges.
Big week ahead
Bitwise crypto ETPs referencing Bitcoin and Ethereum on the London Stock Exchange: two Bitcoin ETPs, one Physical Ethereum ETP and one Ethereum Staking ETP would be tradable starting from Oct. 21.
These listings for Bitwise mark the first time U.K. retail investors can gain exposure to Bitcoin and Ethereum through exchange-traded products listed on a U.K. Recognised Investment Exchange (RIE), coinciding with the Financial Conduct Authority’s (FCA) decision to remove restrictions on retail access to crypto ETPs.
The launch of the four products gives retail investors access to the four Bitcoin and Ethereum ETPs, which Bitwise listed on the London Stock Exchange in April.
This follows a similar move by BlackRock, 21Shares and WisdomTree, whose ETPs have begun trading on the London Stock Exchange, in line with the lifting of the ban.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team