UK Makes Major Move Into Crypto: First Exchange-Traded Products Set To Launch
The UK's Financial Conduct Authority approved the first crypto exchange-traded products (ETPs), allowing WisdomTree Inc. to list Bitcoin and Ethereum ETPs on the London Stock Exchange. These products will be available to professional investors only. The US has seen significant success with Bitcoin ETFs, amassing about $59 billion in assets, while Europe has been slower to adopt similar products. The UK's move is expected to energize the market, following strong inflows into spot Bitcoin ETFs in the US and notable inflows into Ethereum ETFs in Hong Kong. Analysts have increased the estimated probability of the US SEC approving Ethereum spot ETFs from 25% to 75%, indicating a potential shift in regulatory attitudes. CboeBZX has filed amended applications for several ETFs in response to the SEC's requests.
