- FCA reverses crypto ETNs ban for retail.
- Effective October 8, 2025.
- Impacts Bitcoin, Ethereum market access.
The UK Financial Conduct Authority will permit retail investors to access crypto exchange-traded notes starting October 8, 2025, overturning a 2021 ban.
This decision reflects regulatory confidence in market maturity, potentially increasing retail investment in major crypto assets and altering the landscape for cryptocurrency trading in the UK.
UK FCA announces that retail investors can access crypto ETNs from October 8, 2025. This marks a reversal of its 2021 ban and is applicable through FCA-approved platforms.
The chief regulator involved is the Financial Conduct Authority. David Geale, Executive Director of Payments and Digital Finance at FCA, highlighted the market’s evolution and mainstream sophistication.
This policy change provides investors with additional financial product choices. The impact will depend significantly on the uptake of ETNs involving major cryptocurrencies such as Bitcoin and Ethereum.
The 2025 policy shift does not specify institutional funding changes but acknowledges increasing institutional participation since earlier market bans were imposed.
The FCA cites past events, including the 2021 ban and the subsequent growth of regulated access for professionals, as key precedents. Investors’ understanding has vastly improved, positioning the market for growth.
Potential outcomes include increased market participation and demand for compliant products. Retail market access to these products could boost Bitcoin and Ethereum’s visibility and trading volumes on Recognised Investment Exchanges.
“Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood. In light of this, we’re providing consumers with more choice, while ensuring there are protections in place. This should mean people get the information they need to assess whether the level of risk is right for them.” – David Geale, Executive Director, FCA
