Bitcoin hits record high above $72,000 as U.K. opens the door to crypto exchange-traded products

Bitcoin prices rallied on Monday to hit a fresh record high above $72,000, after the British financial watchdog said it would allow exchanges to list cryptocurrency-linked exchange-traded products for the first time.

The Financial Conduct Authority said in a notice Monday that it would not object to requests from recognized investment exchanges to create a U.K.-listed market segment for crypto-backed exchange traded notes, or ETNs. Exchanges would need to ensure they have sufficient controls in place, so that trading is orderly and proper protection is afforded to professional investors. They must meet all the requirements of the U.K.’s listings regime, issuing prospectuses and ongoing disclosures.

” It noted, “As a result, the ban on the sale of cETNs to retail consumers remains in place.” The FCA added it “continues to remind people that cryptoassets are high risk and largely unregulated. Those who invest should be prepared to lose all their money.” The move from U.K. regulators comes after their U.S. counterparts approved the first-ever spot bitcoin exchange-traded funds.

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