Summary
TLDR: The London Stock Exchange will start accepting proposals for physically backed bitcoin and ether ETNs, with applications opening on April 8 and listings expected by May 28. The FCA has shifted its stance on crypto ETNs, allowing exchanges to list them for professional investors. This marks a milestone in UK crypto regulation.
Key Points
1. The London Stock Exchange is planning to list crypto exchange traded notes (ETNs) by the end of May after a shift in stance by the Financial Conduct Authority (FCA).
2. Applications for bitcoin and ether ETNs can be made starting on April 8, with a deadline of April 15 for proposals to be submitted in order to have the securities listed on May 28.
3. The FCA had previously banned the sale of crypto ETNs to retail consumers in January 2021, but has now stated that it will not object to exchanges listing such products for professional investors.