London Stock Exchange sets May 28 launch date for Bitcoin, Ethereum ETNs

The London Stock Exchange said: March 25th Note that the company plans to start trading Bitcoin (BTC) and Ethereum (ETH) crypto exchanges (ETNs) on May 28th.

The latest announcement also details other important dates. The London Stock Exchange will begin accepting applications for membership from issuers on April 8th. The FCA also has until May 22 to decide on the base prospectus to be published on the first day of trading.

Issuers aiming for a May 28 launch date will have until April 15 to submit a fact sheet and draft prospectus detailing how their ETN meets all requirements. There is.

The exchange said the selected launch date will allow for the maximum number of issuers to participate on the first trading day. This date will allow applicants to prepare relevant documents and enable exchanges to assess whether issuers meet the requirements.

The start date will depend on whether the Financial Conduct Authority (FCA) approves the base prospectus from the applicant, as the Financial Conduct Authority (FCA) must list the virtual currency ETN on its main market and official list. Masu.

previous expectations

The London Stock Exchange announced on March 11 that it would begin accepting applications in the second quarter of 2024, without giving an exact date.

We were also provided with a fact sheet detailing various requirements, including blocks regarding retail transactions. Additionally, the funds involved must be unleveraged, physically backed by Bitcoin or Ethereum, at least 90% held in cold storage or equivalent, and held by a qualified custodian. not.

The FCA, which is independent of the London Stock Exchange, said: March 20th The company said it would not oppose requests from recognized investment exchanges to create virtual currency ETNs.

The UK’s apparent willingness to allow crypto ETNs is notable as these instruments provide professional investors in the country with a new way to invest in cryptocurrencies.

Cryptocurrency ETNs are similar to exchange-traded funds (ETFs) in that they track the price of the underlying virtual currency, but otherwise differ in many aspects of their design.

The post Ethereum ETN appeared first on CryptoSlate After London Stock Exchange Sets Bitcoin Launch Date May 28th.

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