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UK’s FCA Opens the Door for Institutional Investors to Build Crypto-Backed ETN Market
Products would be available to professional investors while retail consumers remain banned, the regulator said.
- The regulator won’t object to the creation of a crypto asset-backed ETN market for professional investors.
- The crypto-backed products are ill-suited to retail investors who remain banned from trading these products, FCA said.
- The London Stock Exchange said it will accept applications for bitcoin and ether-backed ETNs in Q2, 2024.
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.
ETNs are a type of exchange-traded product, often issued by a bank or an investment manager, that tracks an underlying index or assets.
Exchanges will be responsible for making sure sufficient controls are in place so that trading is orderly and proper protection is given to professional investors, the regulator said.
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The London Stock Exchange confirmed that it will accept applications for bitcoin and ether ETNs in the second quarter of this year.
Bitcoin broke past the $71,000 barrier and ether crossed $4,000 on Monday. Meanwhile, the broader CoinDesk 20 index (CD20) rose 0.5%.
Retail investors, however, are still banned from trading these products. The regulator continues to believe that crypto asset-backed ETNs and cryptocurrency derivatives are ill-suited for retail consumers, and because of this, the ban on the sale of crypto ETNs to retail consumers remains.
The FCA reminds people that cryptocurrencies are high-risk and that investors should be prepared to lose all their money.
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U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down
The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
What to know:
- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
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