The London Stock Exchange has revealed plans to launch Bitcoin (BTC) and Ethereum (ETH) crypto exchange-traded notes (ETNs) on May 28, as stated in a notice on March 25.

In addition to the launch date, the announcement includes important dates for issuers. Applications for admission will be accepted starting on April 8, and the Financial Conduct Authority (FCA) has until May 22 to approve base prospectuses for the launch.

For issuers aiming to launch on May 28, a letter outlining how their ETN meets all requirements listed in a factsheet, along with a draft of the base prospectus, must be submitted by April 15.

The London Stock Exchange selected this date to ensure the maximum number of issuers can participate in the first trading day. It provides enough time for applicants to prepare necessary documentation and for the exchange to assess compliance with requirements.

Approval from the FCA for base prospectuses is crucial for the launch date, as the authority must list crypto ETNs on its Main Market and Official List.

Previous announcements by the London Stock Exchange in March indicated that applications would be accepted in the second quarter of 2024 without specifying a precise date. Requirements, including restrictions on retail trading and non-leveraged funds physically covered by Bitcoin or Ethereum, were also outlined.

Separately, the FCA stated on March 20 that it has no objections to requests to establish crypto ETNs from Recognised Investment Exchanges, showing the UK's willingness to allow professional investors more opportunities to invest in crypto assets.

While similar to ETFs in tracking the price of the underlying crypto, crypto ETNs differ in various aspects of their structure and design.