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The London Stock Exchange (LSE) is set to pioneer a groundbreaking move in the financial landscape by launching cryptocurrency exchange-traded notes (ETNs) tracking the performance of Bitcoin (BTC) and Ether (ETH) on May 28.
The decision, announced on March 25, has ignited significant interest among investors despite certain limitations.
As reported earlier by TheCoinRise, the London Stock Exchange said that it would accept applications for the admission of bitcoin and ether crypto exchange-traded notes (ETNs) in the second quarter of this year.
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London Stock Exchange Makes a Bold Move
According to the announcement from the London Stock Exchange, applications for these crypto ETNs can be submitted starting April 8, with successful funds anticipated to be listed the following month, subject to approval by the Financial Conduct Authority (FCA).
Issuers are required to furnish a draft prospectus and a letter elucidating their compliance with ETN requirements by April 15.
London Stock Exchange Outlines Conditions
However, these crypto ETNs will only be accessible to professional investors, adhering to the UK FCA’s prohibition on the sale of crypto derivatives and ETNs, which came into effect in January 2021.
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To gain approval, the ETNs must be physically backed, non-leveraged, and possess a reliable valuation of the underlying market price, denominated solely in Bitcoin or Ether. Furthermore, the underlying assets must be securely stored in cold storage by an Anti-Money Laundering licensed custodian in the UK, EU, or US.
Three Different Currency Lines
Issuers have the provision to submit up to three different currency lines for the ETNs. The London Stock Exchange emphasized,
“Given the nature of the product, and the admission guidance set out in this Factsheet, standard admission timelines do not apply to Crypto ETNs.”
It urged issuers and their advisers to engage with the Exchange promptly to discuss their proposed admission.
Additionally, the UK is also working on stablecoins in an attempt to transform the region into a crypto hub, as earlier reported by TheCoinRise.
Approval of Spot BTC ETFs in the US
This move mirrors the US Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds in January, albeit without a retail investor component.
As part of its two-year plan, the FCA aims to fortify its measures against crypto market abuse. It plans to enhance monitoring and intervention systems to encompass market abuse and integrity.
In October of last year, the FCA implemented new regulations for crypto-related marketing, pledging “robust action” against potential breaches.