The U.K.’s Financial Conduct Authority (FCA) said it will not object to requests from Recognised Investment Exchanges (RIEs) to build a listed market segment for crypto asset-backed exchange-traded notes (ETNs), the regulator said in a press release on Monday, a further sign of the increased institutionalization of cryptocurrency markets.

The products would be available to professional investors, including investment firms and credit institutions, the FCA said.
ETNs are a type of exchange-traded product, often issued by a bank or an investment manager, that tracks an underlying index or assets.