In a significant development for cryptocurrency enthusiasts, the UK's Financial Conduct Authority has announced the removal of its ban on retail access to cryptocurrency Exchange Traded Notes . This decision, effective October 8, 2025, allows retail investors to purchase regulated ETNs that track major digital currencies such as Bitcoin and Ethereum through the London Stock Exchange.
Previously, the FCA restricted retail access to crypto ETNs due to concerns over market volatility and potential fraud. However, the regulator now acknowledges the maturation of the crypto market and the improved understanding of these financial products. David Geale, executive director of payments and digital finance at the FCA, stated, "Since we restricted retail access to crypto ETNs, the market has evolved, and products have become more mainstream and better understood."
Industry leaders have hailed this regulatory change as a "pivotal moment" for the crypto market. Russell Barlow, CEO of 21Shares, likened the move to the 1986 "Big Bang" financial reforms, emphasizing its significance in modernizing the UK's financial markets.
Major asset managers, including Fidelity, Invesco, and 21Shares, are among the issuers of these crypto ETNs. Investment platforms such as AJ Bell and InvestEngine are also considering offering these products to their customers, signaling a broader acceptance and integration of digital assets into traditional financial services.
Despite this progress, the UK still lags behind Europe in the diversity of crypto products available to investors. Currently, offerings are limited to Bitcoin and Ethereum, with leveraged crypto products remaining banned. Nonetheless, the FCA's decision marks a significant step toward greater accessibility and acceptance of digital assets within the UK's financial landscape.
This regulatory shift aligns with a broader global trend of integrating cryptocurrencies into mainstream financial markets. As more countries and financial institutions embrace digital assets, the landscape of global finance continues to evolve, presenting new opportunities and challenges for investors worldwide.
