Global Bitcoin ETPs are just starting: Sygnum Bank

UK’s approval of Bitcoin ETPs for retail users is just the first step in institutional adoption, says Sygnum Bank CIO.

The UK Financial Conduct Authority approval of Bitcoin ETPs marks growing institutional acceptance of Bitcoin as a legitimate asset class, says Fabian Dori, CIO of the Sygnum Bank. The executive at the first regulated digital asset bank told crypto.news that this regulators increasingly under pressure to open up opportunities for investment.

Notably, on Monday, October 20, FAC, the UK’s chief financial regulator lifted its ban on retail Bitcoin (BTC) investment. According to Dori, this shows that UK’s regulators are falling in line with trends in the U.S. and the EU. Shortly after, major institions jumped on the opportunity, with BlackRock launching its iShares Bitcoin ETP on the London Stock Exchange.

According to Dori, this approach shows that UK’s authorites are not rushing with deregulation. Instead, they seem to be actively monitoring the risk. What is more, regulators seem to take into account what other major players are doing, so that the UK is not left behind.

What’s next for Bitcoin regulation?

Sygnum Bank’s CIO Fabian Dori believes that further steps to make Bitcoin more accessible to invesors are likely. This applies especially to the U.S., which was leading the charge for pro-crypto financial regulation.