It may look like the Financial Conduct Authority is having its own moment during this global shift toward embracing crypto asset-backed financial products. However, the reality is more nuanced. 

Last Monday, the FCA announced it would not object to some bitcoin-backed securities being listed in the UK. 

Is this a path for UK retail customers to invest in bitcoin funds? Not really.

It’s an interesting move from the FCA, which has historically taken a tough stance on any crypto asset-backed exchange traded products (ETPs). The FCA implemented a ban in 2021 on the sale of crypto-related derivatives, including ETPs, to retail investors. At the time, the FCA claimed that crypto had no…

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