The U.Okay.’s Monetary Conduct Authority (FCA) mentioned it won’t object to requests from Recognised Funding Exchanges (RIEs) to construct a listed market section for crypto asset-backed exchange-traded notes (ETNs), the regulator mentioned in a press launch on Monday, an additional signal of the elevated institutionalization of cryptocurrency markets.The merchandise could be accessible to skilled buyers, together with funding companies and credit score establishments, the FCA mentioned.ETNs are a kind of exchange-traded product, typically issued by a financial institution or an funding supervisor, that tracks an underlying index or belongings.Exchanges will probably be answerable for ensuring ample controls are in place in order that buying and selling is orderly and correct safety is given to skilled buyers, the regulator mentioned.Bitcoin broke previous the $71,000 barrier and ether crossed $4,000 on Monday. In the meantime, the broader CoinDesk 20 index (CD20) rose 0.5%.Retail buyers, nevertheless, are nonetheless banned from buying and selling these merchandise. The regulator continues to imagine that crypto asset-backed ETNs and cryptocurrency derivatives are ill-suited for retail customers, and due to this, the ban on the sale of crypto ETNs to retail customers stays.The FCA reminds those who cryptocurrencies are high-risk and that buyers needs to be ready to lose all their cash.