Two weeks after announcing it was accepting applications for bitcoin and ether crypto exchange-traded notes, the London Stock Exchange has announced May 28 for trading to begin.

"In choosing this date we have taken into consideration that we need to ensure that issuers meet the requirements for consideration detailed in the Crypto ETN factsheet and importantly, it will also enable those issuers planning on admitting securities on the launch date, time to prepare documentation to establish a Crypto ETN programme which will require a base prospectus to be approved by the FCA," the LSE said in a market notice issued Monday. 

Among the requirements detailed in the Crypto ETN factsheet was, "Crypto ETNs admitted to trading on LSE are only appropriate for professionals and are only available under trading segments specifically designated as 'Professional investors only.'"

ETNs are essentially debt securities that track an underlying asset. Thus, Crypto ETNs will enable investors to trade securities that mirror the performance of crypto assets on the exchange.

Launched in the U.S. in January, similar-styled bitcoin exchange-traded funds (ETFs) now have $54 billion in assets under management, according to The Block's ETF data page (although a large amount of that was there on launch day due to Grayscale conversion of its Bitcoin Trust). The key difference is that U.S.-based Bitcoin ETFs are available to retail investors. Currently, UK investors are not able to access the Bitcoin ETFs in the U.S.

Two weeks ago, the UK Financial Conduct Authority (FCA) said that it would not block plans from Recognized Investment Exchanges (RIEs) such as the LSE to list crypto ETNs. 

To be eligible to trade, issuers will have until April 15, the LSE said in its notice, and must be approved by May 22. 

Coinbase UK CEO Daniel Seifert recently said that the upcoming availability of crypto exchange-traded notes is a positive step forward for the UK. When asked whether he would want to see Bitcoin ETFs available in the UK, Seifert replied, “I would say more choice for consumers is always good.” Similarly, Kraken UK Managing Director Bivu Das said Bitcoin ETFs should "absolutely" come to the UK.