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The London Stock Exchange (LSE) has announced its plans to accept applications for the admission of bitcoin and ether crypto exchange-traded notes (ETNs) in the second quarter of this year.
Notably, this development marks a significant stride towards mainstream acceptance of digital assets in traditional financial markets.
As reported earlier by TheCoinRise, the London Stock Exchange made several pro-crypto moves in 2020, greenlighting a crypto derivatives exchange, ZUBR, which only opened for trading in early March of that year.
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London Stock Exchange Moves Towards Crypto Adoption
The London Stock Exchange revealed this decision on Monday, emphasizing that the admission process would commence following the guidelines outlined in a previously published factsheet.
While the exact launch date is yet to be confirmed, the LSE encourages early engagement from prospective issuers interested in introducing crypto ETNs to trading on the exchange.
Proactive Involvement from Stakeholders
Mitigating the risk of any potential delay in the admission timetable, the London Stock Exchange underscores the importance of proactive involvement from stakeholders.
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Notably, the crypto ETNs will be exclusively available for professional investors, as indicated in the factsheet, highlighting the market’s focus on sophisticated participants.
“In order to mitigate the risk of delay in the admission timetable, the Exchange encourages early engagement from prospective issuers interested in admitting Crypto ETNs to trading on the Exchange,” the LSE said in the admission factsheet.
London Stock Exchange Aligns with FCA’s Requirements
This move aligns with the stance of the UK’s Financial Conduct Authority (FCA), which has stated its non-opposition to proposals from Recognized Investment Exchanges (RIEs) to establish a listed market segment specifically for cryptocurrency-backed exchange-traded notes (ETNs).
On the other hand, Bitcoin surpassed $70,000 for the first time on March 11, making another new all-time high (ATH), breaking its previous record of $69,000.
Exposure to Underlying Crypto Assets
These ETNs, described as debt securities providing exposure to an underlying asset, enable investors to trade securities tracking crypto assets during London trading hours.
The decision by the London Stock Exchange follows the increasing popularity of the US spot bitcoin exchange-traded funds (ETFs) since their launch in January.
Recent data compiled by Yahoo Finance indicates that the cumulative trading volume for United States spot bitcoin ETFs surpassed an impressive $100 billion, reaching $106.59 billion on Friday.
This move by the LSE reflects a growing acknowledgment of the importance of digital assets in the broader financial landscape.