With this new service, IG users can now access a total of 31 digital assets, including Bitcoin, Ether, XRP, and memecoins like Bonk.

Crypto Trading Platform Launched in Partnership with Uphold

IG Group’s latest crypto offering is delivered through a strategic collaboration with Uphold, a digital asset company that holds regulatory licenses in both the US and the UK.

Thanks to this integration, users can smoothly switch between crypto accounts and other investment accounts via the IG Invest mobile app and the IG platform. All customer transactions and price data are handled through Uphold’s infrastructure.

Michael Healy, IG Group’s UK Managing Director, commented: “This is a major milestone for IG and a significant step in the UK’s crypto journey. Now, retail investors can trade crypto assets through a well-established and professional platform.”

Transition from CFDs to Spot Crypto

IG had previously entered the crypto space with CFD services tailored to institutional clients. CFDs allow investors to speculate on asset prices without owning the actual assets.

With this new offering, IG makes a direct entry into spot markets, enabling investors to buy and hold crypto assets at real-time prices.

According to the company’s official website, IG still allows CFD trading on 11 major cryptocurrencies, including Bitcoin, Ether, Litecoin, and Cardano.

Crypto Regulations Accelerate in the UK

IG’s latest move comes at a time when regulatory efforts around cryptocurrencies in the UK are gaining momentum. In April, the government published a general regulatory draft aimed at protecting crypto investors from scams and risky investments.

On May 28, the UK’s Financial Conduct Authority (FCA) launched a public consultation regarding new rules for stablecoin issuers and crypto custody providers.

Crypto adoption is rapidly increasing in the UK. According to Gemini data, the number of new crypto users in the country has seen a substantial rise over the past year, surpassing the growth rate in Europe.

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Jones explained that a wholesale CBDC had main benefits even though the research on a retail CBDC showed no advantages for general use in Australia. These improve transparency, reduce counterparty risk, lessen central and commercial banks’ cover minimizing expenses by means of improved liquidity.

Retail CBDCs, according to Jones, would pose challenges like increased borrowing rates, more bank run risk, and difficulties implementing monetary policy. The potential benefits for the public thus considered “moderate or uncertain”.

First of importance for the RBA is Project Acacia, which aims to look at the evolution of a wholesale CBDC and tokenized commercial bank deposit. Building on earlier research, Project Acacia will look at cross-border projects involving other regional central banks.

Apart from establishing a wholesale CBDC, the RSA plans to build advisory forums, assist in regulatory sandboxes for financial innovation, and incorporate public input on retail CBDCs. With an eye primarily on the programmability of tokens via smart contracts, the bank is also looking at the possible benefits of asset tokenization and blockchain technologies.

Interest in CBDCs is only growing as 134 nations look into their development globally. The Atlantic Council notes that 66 countries—including development, pilot, or launch phases—are in advanced stages of research.

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