The Financial Conduct Authority (FCA) of the United Kingdom has stated that it will not oppose exchanges' requests to create a separate market for Exchange-Traded Notes (ETNs) backed by cryptocurrencies. These ETNs will only be available to professional investors or institutions authorized to operate in financial markets. ETNs are described as unsecured debt securities that track an underlying asset and pay interest irregularly. Upon maturity, ETNs pay cash based on the performance of the relevant security.