The upcoming availability of crypto exchange-traded notes is a positive step forward for the UK, according to Coinbase UK CEO Daniel Seifert.

Seifert said that he discussed crypto ETNs with the UK’s Economic Secretary to the Treasury Bim Afolami, who spoke at a recent Coinbase event. At the time, Seifert said how they would be helpful for the industry and for the UK as a crypto hub. 

Now the UK's markets regulator, the Financial Conduct Authority, has said they can go ahead, but only for institutional investors.

“We think it's a validation for the United Kingdom, and for its strategy. And I think the future is bright,” Seifert told The Block in an interview.

As for the launch of bitcoin ETFs in the U.S., Seifert was even more enthusiastic.

 “The fact that ETFs were launched …