The London Stock Exchange is reportedly prepared to launch Bitcoin (BTC) and Ethereum (ETH) exchange-traded notes (ETN) in the market. The United Kingdom's primary stock exchange issued a market notice on Monday, informing that crypto ETNs will be launched on May 28, 2024. However, prior to this, the London Stock Exchange had announced that it would accept applications for Bitcoin and Ethereum ETNs at the beginning of this month. Along with this, the notice also mentioned that applications could start from April 8. These will be subject to approval by the country's Financial Conduct Authority (FCA).
Crypto exchange-traded notes (ETNs) will allow UK-based investors to trade securities that track digital assets on an exchange. The London Stock Exchange stated in its announcement that it will accept ETN applications until the second quarter of the year. According to the notice, crypto ETN applications will not be accepted after April 15. Moreover, the notice includes the launch date of May 28, 2024, for the ETNs. The exchange stated that this date will ensure maximum issuer participation in the market on the first day of trading.
According to Coin Gabbar, the United Kingdom's inspiration to explore digital asset exchange-traded markets came from the approval of the spot Bitcoin ETF in the United States by the Securities and Exchange Commission (SEC). Following the approval of the SEC's spot Bitcoin ETF, it has been highly successful, inspiring the London Stock Exchange to explore this market.
Coin Gabbar believes that the decision to launch Bitcoin (BTC) and Ethereum (ETH) exchange-traded notes (ETNs) by the London Stock Exchange will be quite successful, much like the US spot Bitcoin ETF. This is because the increasing attraction of investors in the cryptocurrency market at present reflects growing optimism towards this market. It also sends a message that currently, various countries are quite optimistic about digital assets and related markets.
