IG Group: First crypto trading launch for UK-listed firm
IG Group has become the first UK-listed company to launch crypto trading to retail investors, with the FTSE 250 firm debuting the feature amid a surge in policy pitches meant to woo digital currency investors.
Customers on the trading platform can now buy, sell and hold crypto assets, with IG Group charging 1.49 per cent on each transaction.
“This is a huge moment for IG and a major milestone in the UK’s crypto journey, with retail investors now able to buy, sell and hold crypto assets with a grown-up business,” said Michael Healy, UK managing director of IG Group.
“Adoption is rapidly growing and with UK crypto regulation gathering steam, we want to give existing and future investors a platform where they can trade crypto with clear and transparent fees, with a provider already used by hundreds of thousands of retail investors.”
Launched in partnership with crypto firm Uphold, the new service is fully integrated across the FTSE 250 firm’s platform, with customers able to switch from their digital currency account to any other accounts, such as an ISA, that they hold with IG Group.
Uphold will execute all customer transactions and provide pricing data, the firm added.
Retail trading of cryptocurrencies has often faced significant hurdles, with banks such as Metro Bank and Chase UK blocking deposits into exchanges, meaning IG Group’s launch is likely to make the process significantly more accessible.
UK crypto policy
The launch comes days after Reform UK began its attempt to woo digital currency investors by laying out a range of pro-crypto policies, including cutting down capital gains taxes on the tokens from 24 per cent to 10 per cent, establishing a “sovereign Bitcoin reserve fund,” and making HMRC accept tax payments by way of crypto.
The political party has also begun receiving donations in bitcoin, ethereum, and some stablecoins.
Meanwhile, Chancellor Rachel Reeves laid out new crypto rules a month ago, bringing the tokens under compulsory regulation with existing financial regulations extended to companies involved in digital currencies.
Reeves said the full government strategy document will be published on July 15, during her Mansion House Speech.