British financial watchdog said it would allow institutions to file applications for Bitcoin-linked exchange-traded products for the first time

Bitcoin prices rallied on Monday to hit a fresh record high above $71,000, after the British financial watchdog said it would allow institutions to file applications for 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

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