Fidelity International’s Bitcoin ETP has received regulatory approval from the FCA for retail access.

It will become the first crypto asset made available via the firm’s adviser platform, Fidelity Adviser Solutions.

The Fidelity Physical Bitcoin ETP is UK-listed and became available for platform clients at the start of this week.

Dennis Pellerito, head of wholesale at Fidelity, said the bitcoin fund was designed to give retail and professional investors access to bitcoin in a familiar and secure way.

He said: “Until now, many retail investors have been limited to less secure, unregulated channels or indirect exposures such as proxy stocks. We are, therefore, pleased to offer our institutional-grade ETP to retail investors for the first time.”

The Fidelity Physical Bitcoin ETP tracks the price movement of the world’s leading cryptocurrency. It was launched in February 2022 and is listed on the Deutsche Börse Xetra, SIX Swiss Exchange and London Stock Exchange. It aims to be a convenient and cost-effective way for investors to gain exposure to Bitcoin, with ongoing charges of 0.25%.

The Fidelity Adviser Solutions platform plans to broaden the range of crypto assets available to advised clients, with further additions to come before the end of the year.

The firm also plans to add crypto assets to its consumer platform Fidelity Personal Investing.

The FCA has recently been working with asset managers to make regulated crypto-assets more accessible to consumers.

The FCA published plans to allow blockchain-based assets, such as crypto and other liquid and illiquid investments, to be made more widely available via tokens last month.

According to the FCA, its plans could give the UK asset management sector the opportunity to be a "world leader" in tokenisation.

The watchdog said its plans would give regulated firms additional clarity to aid adoption of this “new technology.”

The FCA believes that allowing asset tokenisation could help boost the UK’s asset management sector, which comprises around 2,600 firms managing £14 trillion of assets for UK and global clients. It confirmed that it has lifted the ban on consumers investing money into crypto exchange traded notes.

Retail consumers can now access cETNs when they are listed on the FCA Official List and admitted to trading on a UK Recognised Investment Exchange.