UK BTC ETNs Are a Turning Point for Britain’s Role in Crypto, Industry Participants Say
After four years in the wilderness, bitcoin
exchange traded notes (ETN) are set to return to London and the change could prove more significant than many expect.
Starting Oct. 8, crypto ETN products, which allow retail investors to gain exposure to cryptocurrencies without buying the tokens themselves, will become available after being banned by the Financial Conduct Authority (FCA) in January 2021. The regulators argued at the time that extreme volatility, susceptibility to fraud and the difficulty of valuation made them too risky for retail investors.
But the ban also left the U.K. lagging behind developments elsewhere. The U.S. spot exchange-traded funds have been a resounding success, with more than $65 billion dollars flowing into…
