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- Trade is expected to begin in the second quarter of this year as per the announcement.
- The LSE set the deadline for interest submissions to list the Bitcoin ETN product at April 15.
Applications to list cryptocurrency products, such as Bitcoin and Ethereum Exchange Traded Notes (ETNs), will soon be accepted by the London Stock Exchange (LSE). According to the statement made earlier on Monday by the trading giant, trade is expected to begin in the second quarter of this year.
When the U.S SEC authorized eleven proposals for spot Bitcoin ETFs in January, the blockage in introducing trading financial investors to the Bitcoin ETN or Exchange Traded Fund (ETF) market was broken. Now that this version of the product has received such a significant green light, it may enter the market in other nations like the UK and Hong Kong.
Timeline Details Revealed
The London Stock Exchange has announced that applications to list the Bitcoin ETN product would be available by April 8, 2024, in order to stay up with the growing revolution. According to the LSE, the earliest date for the product’s ultimate listing is May 28, 2024, so the Financial Conduct Authority (FCA) has plenty of time to evaluate and consider the regulations.
The FCA stated:
“Taken into consideration that we need to ensure that issuers meet the requirements for consideration detailed in the Crypto ETN factsheet and importantly, it will also enable those issuers planning on admitting securities on the launch date, time to prepare documentation to establish a Crypto ETN programme which will require a base prospectus to be approved by the FCA.”
For the May cohort, the LSE set the deadline for interest submissions to list the Bitcoin ETN product at April 15. Investors have been favorably startled by the revelation of the planned Bitcoin ETN product.
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