The first Bitcoin exchange-traded products (ETPs) have started trading on the London Stock Exchange (LSE) after receiving approval from the UK's Financial Conduct Authority (FCA). Asset managers WisdomTree and 21Shares both listed Bitcoin ETPs on the LSE.

Last week, the FCA authorized the listing of Bitcoin ETNs on the exchange, paving the way for the launch by issuers who had been awaiting regulatory clearance.

21Shares listed two Bitcoin products: the 21Shares Bitcoin ETN (ABTC) and the 21Shares Bitcoin Core ETN (CBTC). Meanwhile, WisdomTree introduced its Physical Bitcoin ETN (BTCW).

All the ETNs provide exposure to the price of Bitcoin and are currently accessible only to professional investors under FCA regulations. 

"But the game-changer in the UK will be when the retail ban is lifted; there is a retail ban on trading Bitcoin and ether ETNs at the moment," mentioned Alex Pollak, head of UK for 21Shares.

21Shares co-founder Ophelia Snyder emphasized, "the UK is one of the deepest, most liquid capital markets in the world."

The FCA is taking a phased approach to opening its market. Listing Bitcoin ETNs allows professional investors to gain regulated exposure to Bitcoin and digital assets on the LSE for the first time.

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