Introduction:
The London Stock Exchange (LSE) has announced its plans to launch a market for Bitcoin (BTC) and Ethereum (ETH) exchange-traded notes (ETN). This move aims to provide investors with more opportunities to participate in the cryptocurrency market. The launch date for the Bitcoin and Ethereum ETN market is set for May 28, 2024 [1].
Launch Date and Application Acceptance:
The London Stock Exchange will roll out the market for Bitcoin and Ethereum ETNs on May 28, 2024 [1]. To facilitate this launch, the LSE will start accepting applications for trading these crypto ETNs from April 8, 2024Â [2]. This allows potential issuers to prepare and submit their applications in advance.
Regulatory Approval and Application Deadline:
The launch of the Bitcoin and Ethereum ETN market is subject to the approval of the Financial Conduct Authority (FCA), the regulatory body in the United Kingdom [2]. Issuers interested in establishing a crypto ETN program and listing securities on the Main Market on the launch date must submit a letter to the LSE by April 15, 2024Â [3]. This letter should outline how they meet the requirements for consideration as outlined in the Crypto ETN factsheet.
Approval Process:
To participate in the launch, issuers must demonstrate that they meet the criteria for consideration and submit their application for admission by April 15, 2024 [3]. The FCA must approve their base prospectus by May 22, 2024, at noon [3]. This ensures that all necessary regulatory requirements are met before the market goes live.
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