Crypto ETN Launch: London Stock Exchange to Debut ETNs on May 28

Crypto News – The London Stock Exchange has announced that trading will start on May 28—two weeks after saying it was accepting applications for bitcoin and ether crypto exchange-traded notes.

Crypto ETN Launch: London Stock Exchange to Debut ETNs on May 28

Applications to trade those cryptocurrency ETNs will be accepted by the stock market starting on April 8. The announcement stated that the market will be contingent on permission from the Financial Conduct Authority, the U.K. regulator.

In choosing this date we have taken into consideration that we need to ensure that issuers meet the requirements for consideration detailed in the Crypto ETN factsheet and importantly, it will also enable those issuers planning on admitting securities on the launch date, time to prepare documentation to establish a Crypto ETN programme which will require a base prospectus to be approved by the FCA,

the LSE’s market notice

This temporal factor also gives issuers enough time to fulfill the extensive specifications listed in the Crypto ETN factsheet. It also enables them to draft a letter detailing compliance and other necessary paperwork for starting a Crypto ETN scheme. Furthermore, by April 15, 2024, issuers who wish to participate in this launch must submit certain information.