While the SEC's critical decision on spot Ethereum ETFs was awaited, positive news came from the UK.
WisdomTree has received approval to launch Bitcoin (BTC) and Ethereum (ETH) investment products (ETP) on the London Stock Exchange, Coindesk reported.
World-renowned asset manager WisdomTree (WT) announced that it has received approval from the UK Financial Conduct Authority (FCA) to list Bitcoin and Ethereum ETPs on the London Stock Exchange (LSE).
In the statement made today, it was stated that WisdomTree's Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs will begin trading on May 28 and will be open to professional investors only.
The company, which has more than $111 billion in assets under management and a spot BTC ETF (WisdomTree Bitcoin Fund -BTCW) approved in the US, has been offering crypto products on European exchanges since 2019.
The FCA banned crypto derivatives, including ETPs, in January 2020. But the FCA said it would not object to requests from financial institutions seeking to list ETPs for professional investors, softening its bans after such crypto-based products have been widely used in Europe for several years and the approval of spot ETFs in the US in January.
While the FCA has approved crypto ETPs for professional investors, the ban remains in place for retail investors.
*This is not investment advice.
