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Bitcoin prices rose on Monday, hitting a new record high above $71,000, after Britain’s financial regulator said it would allow institutions to submit applications for cryptocurrency-related exchange-traded products for the first time.
The Financial Conduct Authority said in a notice on Monday that it would not oppose a request by a recognized investment exchange to create a UK listed market segment for cryptocurrency-backed exchange-traded notes (ETNs).
Exchanges need to ensure they have adequate controls in place to allow for orderly trading and provide appropriate protection for professional investors. They must meet all requirements of the UK listing regime, publication of a prospectus and ongoing disclosure.
At around 4:30 a.m. ET, Bitcoin prices surged more than 3% to $71,726.49, a record high. Ethereum rose nearly 2% to $4,014.90.
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