On Monday, March 11, the London Stock Exchange (LSE) announced its readiness to accept applications for the admission of Bitcoin and Ethereum Exchange Traded Notes (ETNs) starting in the second quarter of 2024. This decision follows the UK’s Financial Conduct Authority (FCA) decision to allow crypto asset-backed exchange-traded notes.
LSE To Accept Bitcoin And Ethereum ETNs
According to the LSE’s notice, “This decision facilitates on-exchange trading of securities that track the performance of crypto assets during London trading hours, providing investors with a regulated instrument to gain exposure to Bitcoin and Ethereum.”
The Exchange has outlined stringent requirements for the admission of these crypto ETNs, emphasizing the importance of physical backing like the US spot ETFs, non-leveraged structures, and the necessity for the underlying crypto assets to have a reliable and publicly available market price. “The proposed Crypto ETN must be physically backed,
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