The Financial Conduct Authority’s change in stance on cryptoasset exchange-traded notes (cETNs) has signalled the UK is “catching up” to other markets in crypto regulation, but the move has maintained the benefits of a “bottom-up” approach.
On 11 March, the FCA revealed it would allow cETNs to be sold to professional investors, providing sufficient controls are in place and listing requirements are met. The regulator said professional investors would be able to access cETNs that meet their risk appetite as a result of "increased insight and data due to a longer period of trading history". Adrian Whelan, global head of market intelligence at Brown Brothers Harriman, said this marked a "significant shift" from the regulator's previous "ultra-conservative" stance. London Stock Exchange to accept applications for crypto E...
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