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UK Regulator to Allow Retail Investors Access to Crypto ETNs in October
"cETNs" must be listed on FCA-approved UK-based exchanges and adhere to financial promotion and Consumer Duty rules.
Aug 3, 2025, 7:00 a.m.
What to know:
- Retail investors in the U.K. will be able to buy crypto exchange-traded notes (cETNs) starting October 8th.
- cETNs must be listed on FCA-approved UK-based exchanges and adhere to financial promotion and Consumer Duty rules.
- While retail access to cETNs is allowed, there will be no coverage under the Financial Services Compensation Scheme.
Retail investors in the U.K. will soon be able to buy crypto exchange-traded notes (cETNs) under a new rule from the Financial Conduct Authority (FCA) set to take effect Oct. 8.
The FCA had previously barred retail access to crypto ETNs in 2021, citing investor protection concerns.
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However, with the market maturing and some crypto investment products now better understood, the regulator said it will allow access, provided the ETNs are listed on recognized, FCA-approved U.K.-based exchanges.
Products must follow financial promotion rules to prevent misleading advertising and inappropriate incentives. The FCA’s Consumer Duty rules, which require firms to avoid causing foreseeable harm, will apply. The FCA warned, however, that there won’t be coverage under the Financial Services Compensation Scheme for these products.
The move comes after retail investors gained access to a plethora of cryptocurrency exchange-traded funds (ETFs) overseas in the U.S. These funds, per SoSoValue data, have already accumulated $146.4 billion in total net assets.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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