The ETNs will only be available to professional investors for the time being.
, applications for the crypto ETNs can be submitted as soon as April 8, and successful funds will be listed the following month contingent on the approval by the country’s Financial Conduct Authority . Additionally, issuers must submit a draft prospectus and a letter explaining why they meet ETN requirements by April 15.
Despite substantial investor interest, the ETNs will only be available to professional investors as per the U.K. FCA’s ban on the sale of crypto derivatives and ETNs enacted in January 2021. To be approved, crypto ETNs must be physically backed, non-leveraged, have a reliable value of the underlying market price, and can only be denominated in Bitcoin or Ether. The underlying assets must be held in cold storage by an Anti-Money Laundering licensed custodian in the U.K., EU, or the U.S.
Issuers can submit up to three different currency lines for the ETNs."Given the nature of the product, and the admission guidance set out in this Factsheet, standard admission timelines do not apply to Crypto ETNs," LSE staffThe move follows the footsteps of the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds in January, albeit lacking a retail investor component.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
London Stock Exchange Will Start Market for Bitcoin and Ether ETNs May 28Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
Baca lebih lajut »
London Stock Exchange picks May 28 as start date for crypto ETN tradingTwo weeks after saying it will accept applications for crypto ETNs, the London Stock Exchange said trading will start on May 28.
Baca lebih lajut »
Bitcoin Hits New High and FCA Approves Crypto Asset-Backed ETNsBitcoin reaches $72,166, surpassing previous high. FCA approves U.K.-listed market segment for crypto asset-backed ETNs.
Baca lebih lajut »
Bitcoin records new ATH as LSE plans to offer BTC and ETH ETNs to professional investorsBitcoin (BTC) price has its eyes peeled on a higher target, steered by bullish fundamentals from MicroStrategy and the London Stock Exchange.
Baca lebih lajut »
The Best Memes From Wendy's Surge Pricing FiascoFor a second there, Wendy's was looking like the New York Stock Exchange.
Baca lebih lajut »
Chipotle's 50-for-1 stock split mirrors WalmartThis marks one of the largest stock splits in the history of the New York Stock Exchange.
Baca lebih lajut »