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The UK is becoming increasingly isolated as one of the few major global markets to continue to hold back from approving retail access to cryptocurrency exchange traded products.
Continental Europe has them, as do Australia, Brazil and Canada. The US has followed suit most recently with spot bitcoin ETFs, prompting Hong Kong to say it will also jump on board.
Yet the UK will not even let small investors buy those listed elsewhere even though Prime Minister Rishi Sunak has championed the UK as a crypto hub and has advocated for a regulatory framework that allows the sector to flourish in Britain.
The high-profile launch of 10 spot bitcoin ETFs on Wall Street earlier this month, some managed by household names such as BlackRock, Invesco and Fidelity, has heightened the UK’s divergence from most other financial hubs.
The UK’s stance was defined by a ruling in 2021, when its regulator, the Financial Conduct Authority, banned the sale of cryptocurrency-related “derivatives”…