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

By:
on Mar 26, 2024
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  • The London Stock Exchange announced its plans to introduce a market for BTC and ETH ETNs on May 28.
  • Starting April 8, the stock exchange will begin accepting applications for trading these crypto ETNs.
  • FCA enables RIEs to create ETN market segment, part of wider push for crypto-friendly regulations.

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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.

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Application process opens

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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

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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

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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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