According to Bloomberg, the UK's financial regulator has given the green light to the country's first cryptocurrency exchange-traded products (ETPs), marking a significant step towards aligning with other financial hubs in the realm of digital assets. ETC Group, 21Shares, and CoinShares are among the issuers who have submitted applications to list their own crypto products in the UK.

Despite the fact that WisdomTree's products will directly hold Bitcoin and Ether, they will only be accessible to professional investors, as per the rules set by the Financial Conduct Authority (FCA). This is a more stringent approach than that of the US, where a new batch of Bitcoin ETPs approved in January now manage a combined total of $59 billion. This figure is nearly five times the total for crypto vehicles traded in Europe.

ETPs linked to cryptocurrencies have been trading on other European stock exchanges for several years. The success of products approved by the US Securities and Exchange Commission in January has not only driven Bitcoin to a record high in March but also paved the way for broader adoption by both retail and institutional investors. Hong Kong has also permitted Bitcoin and Ether ETPs, although the response from investors there has been lukewarm.

ETC Group has stated that its application is still under review. 21Shares, on the other hand, has chosen not to comment on its status. The FCA has also refrained from commenting on individual applications. CoinShares and Invesco have not yet responded to requests for comment.