BlackRock Secures FCA Approval to Offer Crypto Services in UK

Highlights:

• The FCA has now approved BlackRock to offer crypto services in the UK.
• BlackRock launched the iShares Bitcoin ETP in Europe with a fee waiver.
• Experts are discussing if BlackRock will launch an XRP ETF after the Ripple CEO’s response fueled speculation.

The Financial Conduct Authority (FCA) has approved BlackRock to become a crypto asset firm in the United Kingdom. This move enables the investment giant to provide its crypto services in the country. With about $12 trillion in assets, BlackRock has now become the 51st company to be registered by the FCA to operate in the crypto assets sector. It joins firms such as Coinbase, PayPal, and Revolut, which are already part of the list.

BlackRock has officially been approved as a crypto asset firm by the UK's Financial Conduct Authority (FCA)!

This marks a major milestone as the investment giant can now offer crypto services in the UK, including its new iShares Bitcoin ETP. With over $12 trillion in… pic.twitter.com/dGdNXuGMue

— Crypto Promo (@CryptoXPromo) April 2, 2025

The FCA is highly selective, with only 14% of applications receiving approval. The FCA has rejected many applications due to missing or poor-quality information, according to the agency. The approval gives BlackRock the ability to bring crypto investment products to UK investors. This is a major step towards the international expansion of its digital asset offerings. At the same time, it points to increasing interest of the major financial institutions in virtual assets.

The Expansion of BlackRock’s Bitcoin Investment Offerings

BlackRock already launched the iShares Bitcoin Trust (IBIT) in the United States. Since its launch in January last year, it has become the largest Bitcoin ETF in the US, with more than $47 billion in assets. Building on this success, BlackRock has launched a product in Europe called the iShares Bitcoin ETP.

The new iShares Bitcoin ETP is listed on Euronext stock exchanges in Paris and Amsterdam. The fund launched with a fee waiver of 10 basis points, meaning that the expense ratio is temporarily reduced to 0.15% until the end of this year.

Following that, the fee will rise to 0.25%, in line with other products like CoinShares’ Bitcoin ETP. Coinbase holds actual Bitcoin in custody to back shares of the iShares Bitcoin ETP. This structure gives investors a secure and regulated exposure to Bitcoin without holding the asset itself.

The introduction of the iShares Bitcoin ETP in Europe is a further sign of growing demand for Bitcoin investment products other than in America. To comply with European financial rules, the ETP was structured by BlackRock through a Swiss-based special purpose vehicle. This enables investors to obtain Bitcoin in a way that complies with European market rules.

Will BlackRock Launch an XRP Investment Fund?

Meanwhile, speculation is growing over what BlackRock’s next steps will be as the investment giant expands its presence in the sector. Experts are predicting that the company might debut an XRP ETF. Ripple CEO Brad Garlinghouse was asked about the chances of a collaboration with BlackRock on an XRP ETF. While he did not confirm any partnership, his response left room for speculation that such a move could be possible in the future.

The possibility of an XRP ETF has caught the attention of investors who follow developments in the industry. The launch of an XRP ETF by BlackRock could further strengthen the interest of institutions in the market. However, the company has not made any official announcement of an XRP ETF.