UK FCA Approves BlackRock’s Registration as Crypto Asset Firm

Chris Smith News
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BlackRock has received approval from the UK’s Financial Conduct Authority (FCA) to operate as a crypto asset firm in the country, while Galaxy Digital has secured a license for derivatives trading through its London office.

Since 2020, companies engaging in specific crypto asset activities in the UK must adhere to updated regulations on money laundering, terrorist financing, and funds transfer, registering with the FCA.

Currently, 51 firms are on the crypto asset register, including Coinbase, Fidelity, Gemini, and Kraken, with only about 14% of applications successful due to the FCA’s strict approval process.

As of Tuesday, BlackRock is the latest to join, authorized to manage transactions and sales for exchange-traded products issued by iShares Digital Assets AG, backed by crypto assets. This allows them to introduce their new European spot Bitcoin ETP in the UK.

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