Currently, overall cryptocurrencies once again experience bullish moves. Amidst this, an announcement by the London Stock Exchange has gathered everyone’s attention. On Monday, March 25, 2024, the London Stock Exchange announced that it will accept listing applications for Bitcoin and Ethereum crypto ETNs from April 8, 2024.
Will the FCA list ETNs in 2024?
Besides this, they also announced that the first cryptocurrency ETNs will begin trading on May 28, 2024, if approved by the Financial Conduct Authority (FCA). Also, by April 15, 2024, those looking to issue these ETNs need to provide a draft document and a letter explaining why they meet the requirements for ETNs.
However, the U.K.’s financial authority, the FCA, decided in 2021 that only professional investors can buy crypto Exchange-Traded Notes (ETNs). These ETNs need to follow certain rules such as real cryptocurrencies like Bitcoin or Ethereum must back them, can’t involve borrowing money, and must have a secure way to figure out their value. The crypto they’re based on has to be stored offline by a trusted company in the U.K., EU, or U.S.
Companies can apply to create these ETNs in three different currencies. But since crypto is different, the usual process for getting listed on the stock exchange doesn’t apply. The London Stock Exchange says they’ll work with companies to figure out how to list them.
Price performance of top cryptocurrencies
This move by the U.K. is similar to the U.S., where they approved some Bitcoin-related funds earlier. The FCA wants to make sure the crypto market is fair and safe, so they’re planning to keep an eye on it and take action against any wrongdoing. Last year, they also made stricter rules about how crypto can be advertised. These massive steps by the U.K.’s financial authority highlight its continuous interest in cryptocurrencies and their related products.
Besides all these developments in the cryptocurrency landscape, top cryptocurrencies including Bitcoin, Ethereum, Solana, and others experienced a massive price surge of over 4%, 4.5%, and 4.6% respectively in the last 24 hours. Whereas, Bitcoin is trading near $70,350 and in the last 24 hours it experienced a price surge of over 4%. If we look at its performance over a longer period, in the last 7 days, Bitcoin experienced a price surge of 8.5%. Whereas, in the last 30 days, it experienced a price surge of over 35%.
