"FCA Greenlights Crypto-Backed ETNs for Institutional Investors in the UK"

The UK's Financial Conduct Authority (FCA) has announced that it will not object to the creation of a crypto asset-backed exchange-traded notes (ETNs) market for professional investors, signaling the increasing institutionalization of cryptocurrency markets. These products will be available to professional investors, but retail investors remain banned from trading them. The London Stock Exchange is set to accept applications for bitcoin and ether-backed ETNs in Q2 2024. The FCA continues to emphasize the high risks associated with cryptocurrencies and the potential for investors to lose all their money.