The United Kingdom is the newest addition to the list of countries that have legalized bitcoin futures trading in some form.

The London Stock Exchange Group (LSE) said on Thursday that it will provide trading and clearing services for derivatives based on the Bitcoin index.

In a statement released Thursday, LCH, the clearinghouse arm of the London Stock Exchange Group, said that it would provide clearing services for cash-settled bitcoin (BTC) index futures and options.

Cash-settled Bitcoin (BTC) index futures and options contracts traded on GFO-X will have access to LCH’s clearing services, the company announced in a press release.

In the UK, GFO-X is the first exchange for digital asset derivatives that is both authorized and regulated by the Financial Conduct Authority (FCA).

Image: Coinstelegram

Britain Aims To Become Bitcoin Hub

Earlier this year, Britain, which aspires to become a global center for crypto technology, opened a public consultation on future legislation for crypto assets, which are unregulated at present.

Frank Soussan, chief of LCH Digital Asset Clear, claims that bitcoin index futures and options are a fast-growing asset class due to the rising number of institutional market participants seeking access within a regulated setting.

“Offering centralized clearing for these cash-settled dollar-denominated crypto derivatives contracts on GFO-X is an important development for the market,” Soussan said.

In the fourth quarter of this year, Bitcoin futures and options trading are anticipated to begin. The clearance service is now awaiting certification from French authorities.

Arnab Sen, CEO and co-founder of GFO-X, made the following statement:

“Recent market events in the trading of digital assets have highlighted the need for a safe, regulated venue where large financial institutions can trade at scale

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Author: Christian Encila

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