The U.K.’s Financial Conduct Authority says it won’t object to the creation of crypto-backed exchange-traded notes — a financial product similar to an ETF — on the condition they are restricted to professional investors only.
Crypto industry figures have welcomed news that the United Kingdom’s main financial watchdog will make it easier to list crypto investment products.
On March 11, the Financial Conduct Authority (FCA) announced that it would allow professional investors to trade crypto exchange-traded notes (ETNs) created by recognized investment exchanges (RIEs).
Even so, restrictions that prohibit the participation of retail investors remain, makig the FCA’s announcement a partial victory only for broader crypto adoption.
