Coinbase UK’s CEO said the US Bitcoin ETF was a ‘monumental milestone’, while the UK’s ETN was a ‘positive step’.

The launch of cryptocurrency exchange-traded notes is a positive step forward for the UK, according to Coinbase UK CEO Daniel Seifert.

Seifert said he recently discussed the cryptocurrency ETN with British Chancellor of the Exchequer Bim Afolami, who spoke at a Coinbase event. At the time, Seifert spoke about how it would benefit the UK and the industry as a cryptocurrency hub.

Now Britain’s markets regulator, the Financial Conduct Authority, has said the measure can only be enforced on institutional investors.

“We think this is a validation of the UK and its strategy. And I think the future is bright.” Seifert said in an interview with The Block.

When it comes to the launch of a Bitcoin ETF in the U.S., Seifert was even more enthusiastic.

“I think the fact that an ETF launched in the U.S. and it generated so much momentum and buzz around the world is a monumental milestone for the cryptocurrency industry as a whole,” he said.

Seifert noted that Bitcoin ETFs have brought an influx of institutional capital because there is a new way for traditional investors to enter the cryptocurrency ecosystem. He said he expects this to continue as more products could be launched and asset managers like BlackRock and Fidelity are now talking to their client base about Bitcoin ETFs.

When asked if Bitcoin ETFs would be available in the UK, Seifert responded: “I would say more choice for consumers is always good.”

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