The post UK’s FCA is open to Crypto-Backed ETN Market appeared first on Coinpedia Fintech News
The U.K.’s Financial Conduct Authority (FCA) is open to build a listed market segment for crypto asset-backed exchange-traded notes (ETNs) and has said that it will not object to requests from Recognised Investment Exchanges (RIEs) as per a press release on Monday, signifying increased institutional adoption of the crypto assets. The products would be made available to professional investors, investment firms and credit institutions, as per the FCA. ETNs are a type of exchange-traded product, issued by a bank or an investment manager, which tracks an underlying index or assets.