In a significant development for the cryptocurrency sector, BlackRock, the world’s largest asset manager with over $12 trillion in assets under management, has been officially recognized as a crypto asset firm by the UK’s Financial Conduct Authority (FCA). This approval positions BlackRock alongside prominent names like Coinbase, PayPal, and Revolut, all of which have also registered as crypto asset firms in the UK.
The FCA’s stringent approval process underscores the importance of meeting rigorous standards for operating in the UK’s crypto market. The regulator has emphasized that only submissions with all necessary components are considered valid, highlighting the high bar for entry into this space.
BlackRock’s registration in the UK is closely tied to its recent launch of the iShares Bitcoin ETP, which has been listed on major European stock exchanges, including Euronext Paris and Amsterdam. This product offers investors a regulated and accessible way to gain exposure to Bitcoin, reflecting a growing demand from both retail and institutional investors.
Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, noted that the launch marks a “tipping point” in the industry, as more professionals enter the cryptocurrency space. The ETP initially comes with a fee waiver, reducing its expense ratio to 0.15% until the end of the year.
While neither BlackRock nor the FCA has commented on the specifics of the registration, BlackRock International is now listed on the FCA’s official registration website. This move is expected to further legitimize Bitcoin and other cryptocurrencies in mainstream financial markets, potentially accelerating their adoption across Europe.
