The financial giant that manages over $10 trillion in assets has just achieved what hundreds of others couldn’t – securing a coveted spot on the UK’s highly selective crypto register.

BlackRock, the world’s largest asset manager, successfully gained approval from the Financial Conduct Authority (FCA) on Tuesday, as confirmed on the regulator’s website. This registration allows BlackRock to serve as an arranger for iShares Digital Assets AG, which issues Exchange Traded Products (ETPs) linked to underlying cryptocurrency assets.

The UK’s crypto register represents an exclusive club that few have managed to join. Established in 2020, the register ensures that crypto firms serving UK clients comply with the country’s strict anti-money laundering regulations. The FCA’s rigorous standards are evident in the numbers: out of 368 applications received, only 51 firms have secured approval.

As an arranger, BlackRock’s role will be specifically limited to “arranging the execution of transactions in cryptoassets to support ETP subscriptions and redemptions” between issuers and authorized participants. The registration comes with clear boundaries – BlackRock won’t be permitted to onboard new customers.

Additionally, the asset manager is prohibited from operating automated systems that exchange cryptocurrencies for money or vice versa without obtaining explicit written permission from the FCA.

BlackRock joins a select group of crypto-focused companies that have successfully navigated the FCA’s demanding registration process. Coinbase, one of the world’s leading cryptocurrency exchanges, also secured its place on the register earlier this year, though both companies will need to adapt to upcoming changes in the UK’s crypto regulatory framework.