BlackRock has received approval from the UK’s Financial Conduct Authority (FCA) to offer crypto-related services in the country. This approval represents a major step in the company’s foray into the digital asset space, bolstering its stature as a frontrunner in cryptocurrency investments.
The UK Financial Conduct Authority granted approval on April 1, 2025, permitting BlackRock to function as a registered crypto asset firm. This makes BlackRock the 51st company in the UK to secure such authorization. As a result, BlackRock is now legally authorized to offer cryptocurrency investment services.
This move signals BlackRock’s growing commitment to the cryptocurrency sector. It launched the iShares Bitcoin Trust (IBIT) in January 2024, which quickly attracted over $50 billion in assets, surpassing BlackRock’s own Gold ETF.
This development has fueled discussions about Bitcoin ETFs potentially replacing direct Bitcoin ownership by making investment in BTC more accessible to institutions.
In addition to Bitcoin, BlackRock has expanded its cryptocurrency portfolio. It has acquired approximately 551,713 BTC, valued at $52 billion, as of March 14, 2025. The firm has also filed for ETFs based on other cryptocurrencies, including XRP, Solana (SOL), and Avalanche (AVAX), signaling its intent to diversify into altcoins.
BlackRock’s involvement goes beyond just ETFs. It has invested in Bitcoin futures, Ethereum, and blockchain technology. The firm has partnered with Coinbase to offer crypto trading and custody services for institutional clients.
BlackRock continues to explore blockchain’s role in financial systems, recognizing its potential to improve transparency and efficiency.
The UK’s Financial Conduct Authority (FCA) has taken a cautious but structured approach to regulating cryptocurrency. It has been increasing its oversight, introducing new regulations, and warning investors about the risks involved in crypto investments.
Recently, the FCA launched discussion papers and consultations on market abuse, admissions, disclosures, and stablecoin regulations. A full regulatory framework is expected by 2026.
The FCA also rejected 90% of crypto firm applications due to weak anti-money laundering controls and issued over 450 consumer alerts against unauthorized crypto promotions.
Despite this, crypto adoption in the UK is growing, with 12% of adults now owning digital assets, up from 10% previously. The FCA has also been cracking down on scams, removing over 900 fraudulent crypto websites and more than 50 scam apps since taking over crypto promotion regulation in October 2023.
