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London Stock Exchange set to debut Bitcoin and Ethereum ETNs on May 28

source-logo  invezz.com 26 March 2024 06:01, UTC

The London Stock Exchange announced on Monday evening its plans to introduce a market for bitcoin (BTC) and ether (ETH) exchange-traded notes (ETNs) on May 28, marking a significant step in the integration of cryptocurrencies into traditional financial markets.

Application process opens

Starting April 8, the stock exchange will begin accepting applications for trading these crypto ETNs.

However, the market’s establishment is contingent upon approval from the U.K. regulator, the Financial Conduct Authority (FCA), as outlined in the official notice.

UK’s regulatory landscape

The FCA’s decision to facilitate Recognized Investment Exchanges (RIEs) in creating a listed market segment for ETNs reflects a broader effort to enhance the country’s crypto-friendly regulatory environment.

These products will be accessible exclusively to professional investors.

Push to make UK a crypto hub

The move aligns with recent announcements from the U.K. government aimed at positioning the country as a leading crypto hub.

Regulators and policymakers have demonstrated a proactive approach to embracing digital assets and fostering innovation within the financial sector.

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