Key Points
- Kraken UK’s Managing Director, Bivu Das, advocates for the introduction of Bitcoin ETFs in the UK.
- Coinbase UK CEO Daniel Seifert also supports the idea of bringing Bitcoin ETFs to the UK.
Bivu Das, the Managing Director of Kraken UK, has expressed his desire to see a Bitcoin ETF in the UK.
Bitcoin ETFs in the UK
In a recent discussion at the Digital Asset Summit in London, Das noted that the world has experienced significant changes since such products were prohibited in the UK in 2021.
He believes that the concerns regulators have about protecting retail investors are somewhat mitigated if the investor doesn’t directly own the underlying asset.
The Potential of Bitcoin ETFs
According to Das, Bitcoin ETFs are an intriguing product with the potential for good returns, which UK investors cannot currently access.
He pointed out that this lack of access could lead investors to unregulated platforms to gain exposure, which he believes is not beneficial for the UK. He stated, “The UK has always said it wants to be a crypto hub. And this is one of the basic fundamentals potentially for meeting that definition.”
While the UK has recently approved the launch of crypto exchange-traded notes, these will only be available for institutional investors and not for a retail audience. This is unlike the Bitcoin ETFs in the U.S., which are accessible to anyone.
Das also highlighted how quickly these products were adopted and how they have legitimized Bitcoin in the crypto market for institutions.
Daniel Seifert, the CEO of Coinbase UK, seems to agree with Das’s stance on bringing ETFs to the UK. In a recent interview, when asked whether he would want to see Bitcoin ETFs available in the UK, Seifert responded, “I would say more choice for consumers is always good.”
