The ETPs will be available only to professional investors and carry fees of 35 basis points.The FCA recently relaxed its stance on such products, having banned them in 2020.Unmute

Former SEC Senior Trial Counsel on Spot Ether ETF Approval Outlook

00:38SEC Asking for Ether ETF Filings Update Is 'Somewhat Surprising': Legal Expert00:56MOG Rallies on Anticipation of Spot Ether ETF Approval01:59Ether Jumps on Spot ETF Hopes; Hex Trust Issues Stablecoin on Flare00:53'Sky Is the Limit' for Bitcoin: Expert

Asset manager WisdomTree (WT) won approval from the Financial Conduct Authority (FCA) to list crypto exchange-traded products (ETPs) on the London Stock Exchange (LSE), saying it is among the first applicants to have its prospectus given the go-ahead by the U.K. regulator.

WisdomTree's Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs are expected to start trading on May 28 and will be available only to professional investors, according to a Wednesday announcement. They will carry fees of 35 basis points.

The New York-based firm has more than $111 billion of assets under management worldwide, and its WisdomTree Bitcoin Fund (BTCW) was among those approved in the U.S. to operate a spot bitcoin ETF in January. It has offered crypto products on European exchanges since 2019.

The FCA said in March it would not to object to requests from financial institutions seeking to list ETPs for professional investors. The LSE confirmed it would accept applications for bitcoin (BTC) and ether (ETH) products in the second quarter.

The FCA introduced a ban on crypto derivatives products including ETPs in January 2020. However, with such products being widely available in Europe for several years and following the U.S. spot ETFs listing approvals, the regulator adjusted its stance. It is keeping the ban in place for for retail investors.

Read More: DWS, Galaxy Digital List Exchange-Traded Commodities Offering BTC, ETH Exposure in Germany

Edited by Sheldon Reback.