coinspress.com
In a recent update, the London Stock Exchange disclosed plans to open its doors for applications concerning the inclusion of Bitcoin and Ethereum crypto exchange-traded notes (ETNs) in the upcoming second quarter of the year.
The LSE specified that the application process would align with a previously disseminated factsheet and assured interested parties that the precise launch date would be announced in due course.
In order to streamline the admission timeline, the Exchange emphasized the importance of early engagement from potential issuers keen on introducing Crypto ETNs for trading, restricting access to professional investors as per the provided factsheet.
This development coincides with the Financial Conduct Authority (FCA) of the UK signaling its non-objection to proposals from Recognized Investment Exchanges (RIEs) seeking to establish a designated market segment for cryptocurrency-backed exchange-traded notes (ETNs).
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Described as debt securities offering exposure to an underlying asset, crypto ETNs enable investors to trade securities tracking crypto assets within London trading hours.
The decision by the LSE follows the growing traction of U.S. spot Bitcoin exchange-traded funds (ETFs) since their launch in January. As of Friday, the cumulative trading volume for U.S. spot Bitcoin ETFs surpassed $100 billion, reaching $106.59 billion, according to data from Yahoo Finance.