The UK's first digital cryptocurrency exchange-traded product (ETP) will start trading next weekphilippineseagamesIt has been nearly 10 years since the first such product appeared in Sweden.

London's Financial Conduct Authority (FCA) has approved WisdomTree and 21Shares to list on the London Stock Exchange on May 28 to invest in "physical" spot bitcoin and Ethereum's ETP.

But for now, these ETPs will only be open to professional investors. The FCA believes that due to the harm caused by digital encryption derivatives, such products are currently not suitable for retail consumers.

This stance contrasts sharply with stock exchanges in much of continental Europe, as well as in Australia, Brazil, Canada and the United States, which offer cryptocurrency ETPs to both retail and institutional investors.

Regulatory filings show that the total assets of spot Bitcoin ETFs listed in the United States have reached US$50 billion, although they were only launched in January this year, and about 80% of them are held by retail investors.

In addition, a series of other companies including ETC Group and CoinSharesphilippineseagamesHis cryptocurrency ETP management company has applied to list such products on the London Stock Exchange. If regulatory approval from the FCA can be obtained in a timely manner, it may ideally be launched on May 28.

Alexis Marinof, European head of WisdomTree, which manages US$111 billion in assets globally, said: "The FCA's approval of our cryptocurrency ETP application is an important step forward for industry and UK professional investors seeking to invest in this asset class."

Marinof also said: "While professional investors in the UK are already able to allocate to cryptocurrency ETP through overseas exchanges, they will soon have a more convenient entry point. In addition, the FCA approval may also lead to greater adoption of this asset class by institutions."

WisdomTree's physical Bitcoin (BTCW) and physical Ethereum (ETHW) ETP will charge 0philippineseagamesThe.35% fee is the same as similar products listed on multiple continental European exchanges.

And 21 Shares will cross-list its existing Bitcoin (ABTC) and Ethereum Staking (AETH) ETP in the UK for a fee of 1.philippineseagames.49%。

Ophelia Snyder, co-founder of 21 Shares, said: "London has one of the deepest and most liquid capital markets in the world, where institutions have a strong interest in cryptocurrencies."