Retail Investors Get Green Light for Crypto ETNs in the UK

Written by Aaron S.,

Editor-In-Chief

Last Updated: August 01, 2025

Key Takeaways

UK retail investors can buy crypto ETNs again starting October 8 under new FCA rules;
Crypto derivatives remain banned for retail users, but the FCA may revisit this later;
The FCA urges clear info and strong safeguards as firms prepare to offer crypto ETNs.

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UK retail investors will be able to buy exchange-traded notes (ETNs) linked to cryptocurrencies starting October 8, according to an August 1 announcement by the Financial Conduct Authority (FCA).

This is the first major change since the FCA banned crypto ETNs and derivatives for retail customers over concerns about high risk and unclear benefits.

David Geale, executive director for payments and digital finance at the FCA, said, "Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood".

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This change does not apply to crypto derivatives, such as futures or options. These products remain unavailable to retail investors in the UK. The FCA said it will keep watching how these markets develop and may adjust its position in the future.

The regulator noted that it plans to continue reviewing all high-risk investment products. It also reminded firms offering crypto ETNs to meet their rules for clear information, fair pricing, and customer protection.

Crypto ETNs differ from exchange-traded funds (ETFs). While ETFs hold the actual digital assets they track, an ETN is a type of debt.

The Austrian platform Bitpanda explained, "Instead of equity in the fund, each traded note of an ETN represents an obligation from a legal entity holding the underlying asset as collateral".

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