UK’s FCA Opens the Door for Institutional Investors to Build Crypto-Backed ETN Market
Powered by @unfoldedThe UK's Financial Conduct Authority (FCA) will not object to the creation of a crypto asset-backed exchange-traded notes (ETNs) market for professional investors.
The FCA believes that crypto-backed products are not suitable for retail investors, who are still banned from trading them.
The London Stock Exchange will accept applications for bitcoin and ether-backed ETNs in Q2 2024.
Exchanges will be responsible for ensuring orderly trading and providing proper protection to professional investors.