UK-based public investment company IG Group became the first publicly traded British firm to offer direct cryptocurrency trading services to individual investors.
IG Group, one of the leading investment platforms in the UK, made a bold entry into the country's digital asset market by allowing individual users to conduct direct cryptocurrency transactions. Previously only offering cryptocurrency derivatives services via contracts for difference (CFDs), IG now allows its customers to buy, sell, and hold popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) directly.
IG Group is offering this new service to users in collaboration with the US-based cryptocurrency platform Uphold. Uphold will integrate transaction execution and price data with the IG platform, allowing users to have a seamless trading experience.
Uphold CEO Simon McLoughlin emphasized that this partnership is a significant step in expanding cryptocurrency access in the UK. McLoughlin stated, 'We want to provide people with better options for accessing digital assets. Everyone should be able to participate in the evolution of the financial world.'
IG's Managing Director for the UK, Michael Healy, described the direct cryptocurrency service as a 'significant milestone' for the company and the country. Healy stated that the increasing regulatory clarity and accelerating cryptocurrency adoption in the UK have encouraged IG's move.
The UK government has also recently made significant strides in cryptocurrency regulations. Two consultation documents published by the Treasury at the end of April and the draft regulations announced by the Financial Conduct Authority (FCA) in early May are paving the way for broader acceptance of cryptocurrencies in the country. These comprehensive preparations are also facilitating major firms like IG Group to step into the digital asset sector.
Stay tuned for new developments.
