Key Takeaways
- The London Stock Exchange is set to launch Bitcoin and Ether ETNs on May 28.
- FCA approves the creation of a listed market segment for ETNs.
- U.K. aims to become a cryptocurrency hub with regulatory support.
The London Stock Exchange (LSE) is preparing to launch a marketplace for Bitcoin (BTC) and Ether (ETH) exchange-traded notes (ETNs).
This development is scheduled to take place on May 28. The exchange will begin accepting applications for trading these ETNs starting April 8.
Regulatory green light
The U.K.’s Financial Conduct Authority (FCA) has given the nod to Recognized Investment Exchanges (RIEs) for creating a listed market segment for ETNs.
This approval came earlier in March. The ETNs will be available exclusively to professional investors, and not retail.
U.K.’s crypto-friendly moves
The introduction of the ETN market is part of the U.K. government’s broader efforts to establish the country as a cryptocurrency hub.
These efforts have been supported by a series of announcements aimed at making the U.K. more crypto-friendly.
However, the country has also introduced rules that make it harder for retail investors to engage with the Bitcoin market.
