Hargreaves Lansdown warns UK retail investors about cryptocurrencies despite pushback from the Financial Conduct Authority (FCA).

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Hargreaves Lansdowne warned UK investors against exposure to cryptocurrencies, saying Bitcoin “It has no intrinsic value” despite the regulatory shift in products.

The UK’s largest retail investment platform issued its statement this week, on behalf of the Financial Conduct Authority The four-year ban imposed on him was lifted On allowing British retail investors to hold regulated crypto products.

“We do not believe that cryptocurrencies have properties that mean they should be included in portfolios to generate growth or income and should not be relied upon to help clients achieve their financial goals,” the company said in a statement. “Bitcoin is not an asset class,” she added.

However, it has not ruled out offering cryptocurrency products on its platform. Hargreaves Lansdown said it recognized that some customers “will want to speculate with cryptocurrency (products)” and would allow some people to access the products from “early next year”, pending suitability tests.

Hargreaves-Lansdown’s response comes as the financial watchdog has sought to bring the UK in line with other major countries on cryptocurrencies, and highlights how investment managers are still grappling with how to think about digital assets.

Hargreaves Lansdowne It is the UK’s largest DIY investment site, allowing customers to purchase products directly rather than having to go through an expensive financial adviser. It was the company Founded in 1981 It has almost a third of the market, with more than £170bn of assets under management and more than two million clients.

Last year, the US approved the launch of Bitcoin exchange-traded funds managed by asset managers including BlackRock and Fidelity. Individual and institutional investors pumped more than $100 billion into the funds.

UK retail investors will do just that Soon you will be able to purchase Digital tokens for Bitcoin and Ether via regulated, exchange-listed products, rather than using cryptocurrency exchanges, which are not recognized by the regulatory body.

British retail investors will be able to buy products listed on the London Stock Exchange by asset managers including WisdomTree, Bitwise and 21Shares.

In 2021, the FCA banned retail clients from accessing listed cryptocurrency products, but changed its position this year, saying the market had matured.

Hargreaves Lansdown said it would spend “the next two months” assessing customer needs and risk considerations before providing access to exchange-traded notes on its platform.

The retail platform has taken the most hardline approach to cryptocurrencies. Rival platforms Interactive Investor and Saxo said they will offer exchange-traded securities for cryptocurrencies when they become available on October 13.

AJ Bell, one of the UK’s largest investment sites, said it is reviewing the situation and could look to offer crypto ETNs in the future, subject to proficiency testing.