London Stock Exchange to Launch BTC and ETH ETNs: What You Need to Know 🚀
Exciting news for crypto enthusiasts! The London Stock Exchange (LSE) is gearing up to introduce exchange-traded notes (ETNs) for Bitcoin (BTC) and Ethereum (ETH) starting May 28th. This decision comes after receiving approval from the Financial Conduct Authority (FCA) on March 11, allowing LSE to offer crypto products specifically for professional investors.
Key Details about LSE’s Crypto ETNs 📈
- LSE will begin accepting applications for physically-backed crypto ETNs from April 8.
- The market for crypto ETNs will require approval from the UK regulator, FCA.
- The deadline for applications is set for April 15, inclusive of a base prospectus for FCA approval.
- Only physically-backed BTC and Ether ETNs with assets stored in cold storage will be considered.
Industry Critics Voice Concerns Over FCA’s Restrictions 🛑
Despite the FCA’s green light for listing crypto ETNs, industry experts express dissatisfaction over the limitation to “professional investors” only. Other jurisdictions have taken a more inclusive approach by allowing individual investors access to similar investment vehicles.
Bradley Duke, Chief Strategist of ETC Group, remains hopeful that the retail ban will be lifted in due course. He emphasized the importance of the LSE as a key market for their products and is actively preparing for future listings.
While the FCA maintains its stance on restricting retail access to crypto ETNs and derivatives due to perceived risks, industry critics urge for a more open and inclusive approach to cater to a broader range of investors.
Hot Take: What Does the Future Hold for Crypto ETNs?
As the London Stock Exchange prepares to launch BTC and ETH ETNs, the industry eagerly awaits the impact and potential changes in the crypto investment landscape. Stay tuned for more updates on this exciting development!
Sources:
– FCA Approval Document: [FCA Approval](https://example.com)
– LSE Announcement: [LSE Announcement](https://lolacoin.org)
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