1 month ago
The London Stock Exchange said successful a March 25 announcement that it plans for Bitcoin (BTC) and Ethereum (ETH) crypto exchange-traded notes (ETNs) to statesman trading connected May 28.
The latest announcement besides details different cardinal dates. The London Stock Exchange volition statesman accepting applications for admittance from issuers connected April 8. The FCA indispensable besides determine connected basal prospectuses that mean to motorboat connected the archetypal time of trading by May 22.
Issuers aiming for the May 28 motorboat day indispensable taxable a missive detailing however their ETN satisfies each requirements successful a factsheet positive a basal prospectus draught by April 15.
The speech said its chosen motorboat day would let the maximum fig of issuers to beryllium contiguous connected the archetypal trading day. That day volition springiness applicants clip to hole applicable documentation and let the speech to measure whether issuers fulfill requirements.
The motorboat day depends connected the Financial Conduct Authority (FCA) approving basal prospectuses from applicants, arsenic the authorization indispensable database crypto ETNs connected its Main Market and Official List.
Earlier expectations
On March 11, the London Stock Exchange said it would judge applications successful the 2nd 4th of 2024 but did not supply a precise date.
It besides provided a factsheet detailing assorted requirements, including a artifact connected retail trading. Relevant funds indispensable besides beryllium non-leveraged and physically backed by Bitcoin oregon Ethereum, held astatine slightest 90% successful acold retention oregon an equivalent method, and kept with a qualified custodian.
Independent from the London Stock Exchange, the FCA said connected March 20 that it would not entity to requests to make crypto ETNs from Recognised Investment Exchanges.
The UK’s evident willingness to licence crypto ETNs is notable arsenic these vehicles supply nonrecreational investors successful the state with caller ways to put successful crypto.
Though crypto ETNs are akin to exchange-traded funds (ETF) successful that they way the terms of the underlying crypto, they different disagree successful galore aspects of their design.
The station London Stock Exchange sets May 28 motorboat day for crypto ETNs appeared archetypal connected CryptoSlate.
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