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Stock impact report

BlackRock Secures UK FCA Crypto Registration [Yahoo! Finance]

Coinbase Global, Inc. - Class A (COIN) 
US:NASDAQ Investor Relations: convertedorganic.com
Company Research Source: Yahoo! Finance
The world's biggest asset manager will be allowed to act as an arranger for iShares Digital Assets AG, which issue Exchange Traded Products (ETPs) — a financial instrument that is pegged an underlying asset, in this case a crypto asset. Registration on the U.K.'s crypto register is not an easy feat. The FCA's crypto register was set up in 2020 to ensure that crypto firms wishing to serve U.K. clients could only do so after they had registered to comply with the country's anti-money laundering rules. The U.K. has received 368 applications but only 51 firms have been approved. As an arranger, BlackRock will be able to "arrange the execution of transactions in cryptoassets to support ETP subscriptions and redemptions" between issuers and authorized participants but it will not be able to onboard any new customers. Also, it will not be able to operate a machine that "utilizes automated processes to exchange cryptoassets for money" vice versa - without written consent from the regul Show less Read more
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