FCA Allows Retail Crypto ETN Purchases from October 2025
- FCA permits retail crypto ETN purchases starting October 2025.
- Decision signals maturity in crypto markets.
- Increased choice for investors with protections in place.
The Financial Conduct Authority (FCA) will allow UK retail investors to purchase cryptocurrency exchange-traded notes starting October 8, 2025, marking the end of a four-year ban.
The FCA’s decision reflects increased regulatory recognition and market maturity, potentially boosting investor confidence and liquidity in the UK’s cryptocurrency markets.
The UK’s Financial Conduct Authority (FCA) has announced that British retail investors can purchase cryptocurrency exchange-traded notes (cETNs) from October 8, 2025. This reverses the four-year ban initiated in January 2021.
The primary regulatory body, the FCA, highlighted significant market evolution. Executive Director David Geale stated improved understanding and mainstream adoption, allowing more consumer choice with appropriate safeguards.
The decision impacts institutional and retail investors, leading to potential growth in listed cETNs. Key affected cryptoassets include Bitcoin (BTC) and Ethereum (ETH), which are expected to see increased market activity.
Financial implications include potential liquidity boosts for UK-listed cETNs and increased on-chain settlement flows post-policy launch. The policy promotes investment through FCA-approved UK exchanges under a brighter regulatory spotlight.
This shift could encourage further regulatory harmonization across other jurisdictions. Industry observers expect ripple effects in the market, fostering improved crypto adoption and financial product diversity.
Historical trends indicate regulatory changes lead to marked inflows into crypto markets. For instance, spot BTC ETFs approval in the US and ETPs in the EU have historically driven heightened market engagement and liquidity.
“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.” – David Geale, Executive Director of Payments and Digital Finance, FCA
