UK Greenlights Crypto ETNs for Retail Investors

UK Greenlights Crypto ETNs for Retail Investors After 2021 Ban

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 09, 2025

Key Takeaways

The UK FCA has lifted its 2021 ban on crypto ETNs, which allows retail investors to trade them via approved local exchanges;
Despite easing rules on ETNs, the FCA continues to ban retail access to crypto derivatives;
Crypto ETNs can now be held in pensions, and from 2026, they will be allowed in Stocks & Shares ISAs.

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The United Kingdom’s financial regulator has removed its ban on cryptocurrency exchange-traded notes (ETNs).

The Financial Conduct Authority (FCA) confirmed the change in a statement published on October 8.

From now on, retail investors will be able to buy crypto ETNs through UK exchanges that the FCA approves.

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The FCA had banned these products for the general public in January 2021. At the time, it said crypto ETNs were not suitable for everyday investors.

David Geale, a senior FCA official, said:

Since we restricted retail access to crypto ETNs, the market has evolved… we’re providing consumers with more choice.

Despite the policy shift, the FCA will still not allow retail investors to buy crypto derivatives. The agency said it would continue to review its rules as the market changes.

Alongside the rule change, the government released an update on how these products will be taxed. From 8 October, crypto ETNs can be held in registered pension schemes. From April 2026, they will also be allowed in Stocks & Shares ISAs.

A crypto ETN is a type of financial product. It provides investors with a way to track the price of a cryptocurrency without needing to buy it directly.

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