BlackRock, the world’s largest asset manager, has successfully registered with the UK’s Financial Conduct Authority (FCA) to act as a regulator for iShares Digital Assets AG, an issuer of crypto-backed Exchange Traded Products (ETPs).
BlackRock Gets UK FCA Crypto Registration, Expands Digital Asset Offerings
The approval, confirmed on the FCA's website, allows BlackRock to facilitate crypto transactions for ETP subscriptions and redemptions, but does not allow it to directly accept new retail clients.
The FCA’s crypto registry, which was introduced in 2020 to ensure anti-money laundering (AML) compliance, has a notoriously strict approval process. Only 51 out of 368 applications were accepted, making BlackRock’s registration a significant milestone.
What BlackRock Can and Cannot Do
With this registration, BlackRock will be able to:
Organizing crypto transactions between issuers and authorized participants.
To support trading of iShares Digital Assets ETPs.
However, the asset manager will not be allowed to:
Onboarding new retail customers for crypto-related services.
Operating automated crypto-to-fiat exchange services without explicit regulatory approval.
A New Era for Crypto in the UK
BlackRock joins firms like Coinbase, which also received FCA registration earlier this year, with a broader UK crypto regulatory framework on the horizon that could further shape how traditional financial institutions interact with digital assets.
The registration marks a significant step in BlackRock's deepening commitment to the crypto industry.
*This is not investment advice.
