Markets
21Shares launches cryptocurrency-traded notes on the London stock market
(REUTERS)
The London Stock Exchange’s adoption of crypto stocks accelerated today after the world’s largest issuer of exchange-traded products added four new listings in the UK.
21Shares, which launched the world’s first known physically backed crypto exchanges in 2018, has listed its four Bitcoin and Ethereum ETNs in London, marking the company’s entry into the UK market in the latest step of its expansion global.
Co-founder Hany Rashwan told the Standard: “The UK has been on our list since the beginning and was one of the first three markets we had conversations with when we started.
“As the UK has started to move into cryptocurrency investment, we have had very positive engagement with regulators and hope to use London as a base to attract global investors.”
Lists follow a decision of the UK Financial Supervisory Authority allow trading of cryptocurrency securities against a backdrop of softening of the stance towards the securities, which he says is due to the fact that “more information and data due to a longer period of trading history” means that “investors should now be able to better determine whether CETNs satisfy their risk “appetite.”
However, the FCA has so far restricted trading in CETNs to professional investors because it says they are “unsuitable for retail consumers due to the harm they pose”. offices and in some cases pension funds and insurance companies [but] we want to work with regulators to extend it to as many people as possible,” Rashwan said.