Crypto Firm KR1 Targets London Stock Exchange as UK Embraces the Sector

KR1, a cryptocurrency staking company operating from the Isle of Man, is set to transition its listing from the smaller Aquis exchange to the main market of the London Stock Exchange (LSE).

Co-founder Keld Van Schreven informed the Financial Times that this transition, anticipated to be finalized next month, serves as “a starter gun for this new asset class on the LSE,” reiterating his expectation that more crypto firms will follow suit.

With a market capitalization of approximately 56 million British pounds (around $75 million), KR1 stands out as the “first genuine digital asset company” to be listed on the LSE, differentiating itself from other entities primarily focused on holding cryptocurrencies like Bitcoin (BTC), as stated by Van Schreven.

Founded in 2014, KR1 invests in nascent blockchain projects and generates revenue through staking assets such as Ether (ETH) and Polkadot (DOT). The company has completed over 100 digital asset investments and is “doubling down on staking,” according to Van Schreven.

Related: Companies weigh in as UK prepares to reverse crypto ETN ban

UK warms toward crypto

This transition occurs as the UK’s Financial Conduct Authority (FCA) indicates a more favorable attitude towards cryptocurrency. The regulator has recently allowed crypto exchange-traded products to trade on the LSE and aims to implement a comprehensive digital asset framework next year.

Additionally, the Bank of England is reevaluating proposed limits on corporate holdings of stablecoins, with intentions to permit exemptions for businesses requiring larger reserves of fiat-pegged assets.

Initially, the BoE proposed caps on stablecoin holdings of about $27,000 for individuals and $13 million for corporations. This change comes in the context of global regulatory competition, particularly from the GENIUS Act in the US, which provides clearer guidelines for digital asset firms.

Related: BlackRock launches Bitcoin ETP after UK lifts trading ban

Argo Blockchain to delist from LSE

In other news, Argo Blockchain will be delisting from the LSE as part of a significant restructuring that will transfer control of the company to its primary creditor, Growler Mining. This decision concludes Argo’s six-year tenure as one of the UK’s few publicly traded crypto mining firms.