UK regulator: will not block the launch of the cryptoasset ETN for professional investors

The British financial regulator said on Monday that it would not oppose a request from an accredited investment exchange to launch a UK-listed crypto asset backed ETN (Exchange Traded Notes). The UK's Financial Conduct Authority (FCA) said such products would only be available to professional investors, such as investment firms and credit institutions licensed to operate in the financial markets. The FCA said exchanges must ensure orderly trading and appropriate protections for investors, and crypto ETNs must meet all requirements for UK listing. The FCA says professional investors are now better able to determine whether crypto ETNs are meeting their risk appetite. However, the regulator said that these products, as well as crypto derivatives, are "not suitable for retail consumers due to the harm they cause," adding that the ban on crypto ETNs and crypto derivatives for retail consumers will remain in place.