The United Kingdom’s Financial Conduct Authority (FCA) said it would not object to requests to create a market segment for crypto-backed ETNs.
The London Stock Exchange (LSE) announced that it will start accepting applications for Bitcoin (BTC) and Ether (ETH) crypto exchange-traded notes (ETNs) in the second quarter of 2024.
On March 11, the exchange confirmed that it would accept applications following the guidelines specified in its crypto ETF fact sheet. However, the exchange did not provide the exact date that it will start accepting applications.
Within the sheet, the exchange said that crypto ETNs should be physically backed and are non-leveraged. It should have a market price or value measure of the underlying asset that’s publicly available and must have BTC or ETH as underlying crypto assets.
