The UK’s financial watchdog has finally warmed up to crypto—at least for the big players. BlackRock just scored a coveted spot on the FCA’s crypto registry, becoming firm number 51 since the registry’s 2020 creation. Pretty exclusive club, considering the FCA rejects a whopping 86% of applicants. Guess having trillions in assets helps open doors.
The FCA’s crypto club just got a trillion-dollar member. Funny how wealth always finds the VIP entrance.
This approval isn’t just paperwork. It’s a big deal. BlackRock can now officially offer crypto services to UK institutional clients and support transactions for its iShares Digital Assets ETPs. This registration specifically enables BlackRock to facilitate crypto transactions for ETP subscriptions and redemptions. The asset management giant is clearly on a global Bitcoin domination tour, having already launched similar products in Europe while its US spot Bitcoin ETF has ballooned to over $47 billion in assets.
The FCA’s thumbs-up signals a potential thaw in the UK’s historically frosty crypto regulations. For years, the watchdog’s strict stance sent crypto firms packing for friendlier jurisdictions. Now, with BlackRock getting the green light, smaller firms might reconsider the UK market. This approval significantly boosts Bitcoin’s market cap value, which represents the total value of all circulating coins in the cryptocurrency. Funny how regulators soften when Wall Street giants come knocking.
There are limits, though. BlackRock can’t onboard retail clients or offer automated crypto-to-fiat exchange services under this approval. It’s strictly institutional business, with all the tedious AML compliance requirements still firmly in place. The FCA hasn’t gone completely soft.
BlackRock joins Coinbase, PayPal, and Revolut in gaining FCA blessing, further legitimizing crypto in traditional finance circles. The approval comes after the company set its initial expense ratio at a competitive 0.15% for its Bitcoin ETP. Operating as a UK entity gives BlackRock serious market clout and expands its rapidly growing crypto empire to yet another jurisdiction.
The approval represents another step in BlackRock’s methodical march toward crypto dominance. From zero Bitcoin exposure to global ETF powerhouse in just a couple of years—not bad for a company that once dismissed crypto as merely an “index of money laundering.” Times change, especially when there’s money to be made.
