BlackRock Achieves Registration on UK Financial Conduct Authority Crypto Register
BlackRock has successfully registered with the UK's Financial Conduct Authority (FCA) for its crypto register. This allows BlackRock to act as an arranger for iShares Digital Assets AG, which issues Exchange Traded Products (ETPs) tied to crypto assets.
- The FCA's crypto register was established in 2020 to enforce anti-money laundering compliance among crypto firms serving U.K. clients.
- Out of 368 applications, only 51 firms have received approval.
- As an arranger, BlackRock can facilitate transactions in cryptoassets for ETP subscriptions and redemptions but cannot onboard new customers.
- BlackRock is restricted from operating automated processes for exchanging cryptoassets without explicit consent from the FCA.
- Other firms on the register include Coinbase, which also gained approval this year amid upcoming regulatory changes.