UK’s FCA Opens the Door for Institutional Buyers to Construct Crypto-Backed ETN Market

The U.Ok.’s Monetary Conduct Authority (FCA) stated it won’t object to requests from Recognised Funding Exchanges (RIEs) to construct a listed market section for crypto asset-backed exchange-traded notes (ETNs), the regulator stated in a press release on Monday, an additional signal of the elevated institutionalization of cryptocurrency markets.

The merchandise can be out there to skilled traders, together with funding corporations and credit score establishments, the FCA stated.
ETNs are a sort of exchange-traded product, typically issued by a financial institution or an funding supervisor, that tracks an underlying index or property.