比特币ETP

BlackRock wins UK crypto "limited edition" license! ETP business first, can traditional institutions drive the local crypto market?

On Monday, the world's largest asset management company BlackRock has been approved by the UK Financial Conduct Authority (FCA) and officially became a crypto asset company registered and operated in the UK. This milestone has further consolidated its position in the cryptocurrency market.

However, a careful look at the approval document will reveal that there are some "restrictions" on the authority of this license. BlackRock can only carry out limited business related to cryptocurrency exchange-traded products (ETPs), including assisting iShares Digital Assets AG in managing the subscription and redemption of crypto ETPs, and exchanging digital assets with fiat currencies under certain circumstances.

Although BlackRock successfully obtained the UK crypto asset operating license, it cleared the regulatory barriers for it to replicate its business model in the UK market. However, the FCA also imposed strict restrictions on BlackRock, preventing it from accepting new customers, operating exchange services, and touching customer funds.

Behind this seemingly restricted approval, BlackRock's ambition to deploy crypto in Europe is actually hidden. Because just last month, the company launched iShares Bitcoin ETP on exchanges in Paris, Amsterdam and Frankfurt, offering not only a preferential fee of 0.15% until the end of the year, but also cold storage custody services provided by Coinbase.

At present, the size of the UK crypto market is still small, with an average daily trading volume of only US$30 million for ETPs, far less than the popularity of the US Bitcoin ETF. But BlackRock's entry may change this situation. However, its compliance image and institutional-level service capabilities are expected to attract more conservative funds into the crypto field.

BlackRock's approval coincides with the gradual clarification of the European crypto regulatory framework, which also demonstrates the determination of traditional financial institutions to cautiously and firmly expand the digital asset field within the regulatory boundaries.

Finally, traditional institutions enter the UK crypto market with "shackles". Do you think it is an opportunity or will it continue to be tepid?

#贝莱德 #英国加密监管 #比特币ETP