Asset Manager BlackRock Secures Registration with UK FCA

BlackRock secured registration with the UKs Financial Conduct Authority (FCA). The registration allows the asset manager to act as an arranger for iShares Digital Assets AG, which issues ETPs.

BlackRocks registration enables the firm to “arrange the execution of transactions in cryptoassets to support ETP subscriptions and redemption” between issuers and authorised participants.

BlackRock Receives Approval to Operate as Crypto Asset Firm in the UK

BlackRock, the worlds largest asset manager, received approval from UK regulators to operate as a crypto asset firm in the country. According to the UK Financial Conduct Authority (FCA), BlackRock can now arrange transactions and sales related to ETPs issued by iShares Digital Asset AG. Under the registration, BlackRock may now roll out its new European spot, Bitcoin (BTC) ETP, in the UK.

The FCA‘s crypto register was set up in 2020 to ensure that crypto firms seeking to offer services in the country could only do so if they registered to comply with the UK’s anti-money laundering (AML) rules. Since its inception, the FCA has received 368 applications but has only added 51 firms (14% of applications) to its crypto register. Notable members of the register include Coinbase, Fidelity, Gemini, and Kraken.

The asset managers registration permits it to arrange transactions and sales related to exchange-traded products (ETPs) issued by iShares Digital Assets AG, which are backed by crypto assets. While registration is a very bullish move for the ETP sector, in the UK, crypto-related ETPs are only accessible to institutional and professional investors. The FCA currently prevents retail investors from purchasing ETPs on regulated markets.

European ETP Expansion

BlackRock‘s FCA approval comes days after the asset manager launched its first bitcoin exchange-traded product in Europe. The ’iShares Bitcoin ETP‘ is the first crypto-backed product outside North America after the immense success of its US spot Bitcoin ETF, ’IBIT, which launched in 2024.

BlackRocks iShares Bitcoin ETP is listed on Euronext Paris and Xetra under the “IB1T” ticker and on Euronext Amsterdam under the “BTCN” ticker. The ETP is backed by bitcoin and held in cold storage by Coinbase Custody International Ltd.