The London Stock Exchange has loosened the rules on crypto ETNs another notch—but the door is open only to professional investors.
On November 10, the London Stock Exchange issued Market Notice N12/26, revising the admission requirements for crypto ETNs (exchange-traded notes). It removed some listing requirements for the market segment reserved for professional investors. The changes took effect the same day.
But two red lines remain unchanged:
1. The underlying assets must be Bitcoin or Ethereum only;
2. The custodian must be subject to anti-money laundering regulation in a licensed jurisdiction.
In other words, the bar is lower, but the circle hasn’t widened. This change applies only to the professional-investor segment; it doesn’t mean retail investors now have access. The official statement was also clear: changing the rules doesn’t guarantee that new products will be listed, much less that trading volumes will pick up.
At the time of writing, $BTC was around $73,760 and $ETH around $2,063, with both coins still under pressure after CPI came in above expectations.
My take: the signal from London’s move matters more than its immediate impact. The fact that traditional exchanges are willing to loosen restrictions one step at a time shows that crypto products are increasingly being treated as a mainstream asset class. But to see whether money is actually coming in, we first need to see whether any issuers submit applications under the new rules—and then whether professional investors buy in. Don’t equate “loosening restrictions” with “surging volumes” just yet; let’s wait for the application list.
Data as of: 2026-11-11 03:30 UTC
For informational purposes only; not investment advice.
On November 10, the London Stock Exchange issued Market Notice N12/26, revising the admission requirements for crypto ETNs (exchange-traded notes). It removed some listing requirements for the market segment reserved for professional investors. The changes took effect the same day.
But two red lines remain unchanged:
1. The underlying assets must be Bitcoin or Ethereum only;
2. The custodian must be subject to anti-money laundering regulation in a licensed jurisdiction.
In other words, the bar is lower, but the circle hasn’t widened. This change applies only to the professional-investor segment; it doesn’t mean retail investors now have access. The official statement was also clear: changing the rules doesn’t guarantee that new products will be listed, much less that trading volumes will pick up.
At the time of writing, $BTC was around $73,760 and $ETH around $2,063, with both coins still under pressure after CPI came in above expectations.
My take: the signal from London’s move matters more than its immediate impact. The fact that traditional exchanges are willing to loosen restrictions one step at a time shows that crypto products are increasingly being treated as a mainstream asset class. But to see whether money is actually coming in, we first need to see whether any issuers submit applications under the new rules—and then whether professional investors buy in. Don’t equate “loosening restrictions” with “surging volumes” just yet; let’s wait for the application list.
Data as of: 2026-11-11 03:30 UTC
For informational purposes only; not investment advice.
