- The FCA has approved WisdomTree’s prospectus for crypto ETPs.
- The approval comes after the regulator recently reversed its stance on crypto ETPs.
- Following the approval, WisdomTree will list its products at “the earliest date possible.”
The Financial Conduct Authority (FCA) has approved WisdomTree’s prospectus for crypto exchange-traded products, allowing the asset manager to be among the pioneering issuers of Bitcoin and Ether ETPs in the United Kingdom.
WisdomTree’s approval comes after the FCA hinted on March 11 that it would likely allow Recognized Investment Exchanges (RIEs) to launch crypto ETPs for professional investors provided the exchanges “continue to make sure sufficient controls are in place.”
WisdomTree Secures FCA’s Nod
According to a press release dated May 22, the FCA has approved WisdomTree’s 100% physically backed Bitcoin and Ethereum ETPs for listing on the London Stock Exchange (LSE) at the “earliest date possible,” expected to be on May 28.
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The ETPs, which will have a management expense ratio (MER) of 0.35%, will only be available to UK-based professional investors, who, until recently, could only access such products via overseas exchanges.
WisdomTree’s Head of Europe, Alexis Marinof, lauded the approval, noting that it was a significant leap for the UK’s crypto industry in fostering adoption.
“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,” Marinof stated.
The development underscores WisdomTree’s reputation as a pioneer digital assets ETP issuer in Europe. The asset manager has listed crypto ETPs on the Deutsche Börse Xetra, the Swiss Stock Exchange SIX, and Euronext exchanges in Paris and Amsterdam.
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