The London Stock Exchange will begin accepting applications for Bitcoin and Ethereum ETN
The London Stock Exchange will begin accepting applications for bitcoin and Ethereum ETN in the second quarter of 2024. The exact launch date of these products is not reported.
The London Stock Exchange (LSE) will begin accepting applications for exchange-traded notes (ETN) for bitcoin and Ethereum in the second quarter of 2024.
ETNs are types of unsecured debt securities that track the underlying asset index and are traded on the stock market.
In a statement, the LSE said that the exchange will accept applications in accordance with the previously published newsletter. The message also says that "the exact launch date of the product will be confirmed in due course."
"In order to reduce the risk of delays in the schedule, the exchange encourages early involvement of potential issuers interested in allowing cryptocurrency ETNs before the start of trading. [...] These products will be available only to professional investors," the document says.
The newsletter also says that cryptocurrency ETNs must be physically secured and without leverage. They must have a market price or an indicator of the value of the underlying asset, which is publicly available, the document says.
In addition, the LSE stressed that the underlying crypto assets should be "completely or mostly" stored in a cold wallet or something similar, as well as with a custodian, which is subject to anti-money laundering laws in the UK, EU, Switzerland or the USA.
