At the Digital Asset Summit in London, the head of Kraken’s UK operations, Bivu Das, called on regulators to allow Bitcoin investment funds to be bought and sold in Britain.
Das argued that these funds, which track the price of Bitcoin, could give investors a way to potentially make good returns on their money.
“The UK has always said it wants to be a hub for crypto. And allowing these funds is one of the basic things needed to make that a reality,” Das stated. He warned that by blocking such products, it may lead investors to seek them out in other countries with looser rules, which could be riskier.
These Bitcoin investment funds let investors profit from Bitcoin’s price going up or down, without directly owning the digital currency themselves. The funds trade on normal stock exchanges just like companies’ shares.
In 2021, UK watchdogs banned the retail sale of derivative crypto products including funds tracking digital assets. However, Das believes rules have evolved since then, with Bitcoin funds addressing some earlier concerns around direct crypto ownership.Â
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