The London Stock Exchange (LSE) is set to launch. Cryptocurrency Exchange-traded Notes (ETN) Tracking Bitcoin and Ether Performance on May 28th
followannounceAs of March 25, applications for crypto ETNs will be submitted as soon as April 8, and may be listed next month subject to approval by the country’s Financial Conduct Authority (FCA). Additionally, issuers A draft letter and a letter explaining why the ETN requirements must be submitted must be submitted by April 15th.
ETN is open to professional investors only. The UK FCA’s ban on the sale of crypto derivatives and ETNs was announced in January 2021.
To be approved, a Crypto ETN must be physically backed, not leveraged, and have a reliable value of the underlying market price, with the underlying assets being kept in cold storage by a licensed custodian. Allows protection against money laundering in the UK, EU or USA.
refer : cointelegraph.com
picture cryptoslate.com
The post London Stock Exchange Preparing to launch Crypto ETN on May 28th appeared first on Bitcoin Addict.