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Euronext will not join cryptoasset trading without regulator support

The Euronext stock market is visible in the La Defense business neighborhood in Paris, France, September 30, 2022

PARIS, March 19 (mod1s) - European stock market operator Euronext (ENX.PA), opens new tab does not want to move into cryptoasset trading without clear support from its authorities, Chief Executive Stephane Boujnah said on Tuesday. 

Once reticent exchanges are now pushing into the crypto industry as bitcoin rebounds from a meltdown to record all-time highs of about $74,000 last week, rising more than 50% this year, as inflows into U.S. listed bitcoin funds increased.

London Stock Exchange Group, opens new tab last month stated it expects to accept applications for crypto exchange-traded notes later this year, debt instruments that give professional, but not ordinary, investors, with exposure to cryptoassets.

Deutsche Boerse in Frankfurt also claimed this month it has developed a regulated platform for the trading of cryptocurrency for institutional investors.

But Boujnah said he was in no haste to join his European competitors since authorities for Euronext, whose major trading operations are in Italy, France and the Netherlands, remain cold at best towards crypto.

"We always considered this is an issue we cannot engage without absolute backing from supervisors," he told reporters.

"We've always been very cautious about cryptoassets ... a little for conceptual reasons and a lot because our regulators themselves are extremely so." 

Boujnah noted that authorities in Rome and Amsterdam were firmly against it, while France’s authority was extremely hesitant. 

"Our regulators don't have the same sense of humour," he remarked.

In his statements, the Euronext CEO was talking to the actual business of trading cryptoassets, not to crypto underlyings.

Sixty-eight crypto-backed exchange-traded products(ETPs) are accessible for professional investors on Euronext, in Amsterdam and Paris, a representative for the exchange said. 

An exchange-traded product is a financial investment traded on stock exchanges, representing a pool of underlying assets, commodities, or indices, allowing investors exposure to numerous markets, sectors, or strategies. 


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