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UK’s FCA Opens the Door for Institutional Investors to Build Crypto-Backed ETN Market

The U.K.’s Financial Conduct Authority (FCA) said it will not object to requests from Recognised Investment Exchanges (RIEs) to build a listed market segment for crypto asset-backed exchange-traded notes (ETNs), the regulator said in a press release on Monday, a further sign of the increased institutionalization of cryptocurrency markets. The products would be available to professional investors, including investment firms and credit institutions, the FCA said. The London Stock Exchange confirmed that it will accept applications for bitcoin (BTC) and ether (ETH) ETNs in the second quarter of this year.

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