Bitcoin (BTC) tops $71,000 as UK FCA opens doors to crypto ETNs

Bitcoin prices rose on Monday to hit a new record above $71,000 after Britain’s financial watchdog said it would allow institutions to submit applications for exchange-traded products related to the cryptocurrency for the first time.

The Financial Conduct Authority said in a notice on Monday that it will not object to requests from recognized investment exchanges to establish a UK-listed market segment for crypto-backed exchange-traded bonds, or ETNs.

Exchanges will need to ensure that they have sufficient controls so that trading is orderly and adequate protection is provided to professional investors. They must comply with all the requirements of the UK listing regime, issue of prospectuses and current disclosures.

The price of bitcoin rose more than 3% to $71,726.49 around 4:30 a.m. ET, hitting a new all-time high. Ether rose nearly 2% to $4,014.90.

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