A rash of cryptocurrency exchange traded products are likely to be listed in London after regulators softened their hardline opposition to allowing domestic access to funds with cryptocurrency exposure.
However, industry figures have criticised the UK’s Financial Conduct Authority for limiting their availability to “professional investors” and continuing with its ban on retail investors buying crypto ETPs.
The FCA said last week it would “not object” to a request from bourses such as the London Stock Exchange and Cboe UK to list unleveraged crypto-backed exchange traded notes linked to bitcoin or ether, the two most popular cryptocurrencies. But it added that the vehicles should only be available to institutions such as investment firms, credit institutions, pensions funds and insurance companies.