As crypto assets like bitcoin (BTC) garner attention from global audiences, various governments have begun to relax some of their strict rules involving the digital asset market.
The UK government is the latest to make such a move. In a recent press release, the Financial Conduct Authority (FCA) announced that retail investors will be allowed to access crypto exchange-traded notes (cETNs) starting October 8th, 2025.
FCA Endorses Crypto ETNs
In January 2021, the UK’s FCA banned retailers from accessing crypto ETNs and derivatives. According to the financial authority, crypto assets were considered extremely volatile at the time.
Last year, however, the FCA began to have a change of heart. In March 2024, the financial agency disclosed that it would not reject requests from regulated stock exchanges like the London Stock Exchange seeking to launch UK-listed crypto ETNs.
In June 2025, the UK financial authority took steps to consider relaxing its restriction on access to cETNs among local retailers.
After lifting the four-year ban on cETNs from October 8th, local investors will gain access to investment products that track the price of cryptocurrencies without actual ownership of the asset.
The UK financial agency sees the latest embrace of cETNs as a nod toward crypto adoption. David Geale, an FCA executive, emphasized this, saying:
“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.”
Meanwhile, the financial regulator emphasized that its restrictions on crypto derivatives remain in effect.
Will Crypto ETFs Enter the UK?
Notably, ETNs differ from exchange-traded funds (ETFs), which mandate that the issuing firms hold the underlying digital asset. The crypto ETF business is booming in the United States, as investors pour billions of dollars into investment vehicles granting them exposure to cryptocurrencies like Bitcoin and Ethereum.
Crypto ETNs are debt securities that offer exposure to crypto assets within the regulatory scope of licensed exchanges. Although the UK’s FCA has endorsed cETNs, it has yet to say anything about a possible ETF approval, at least in the near future.
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