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ARTICLE · 24 DECEMBER 2025

Are Crypto ETNs MiFIR reportable?

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This means crypto ETNs that are traded on an FCA-recognised investment exchange are now allowed for professional investors. Are these crypto ETNs be MiFIR reportable?

United KingdomFinance and Banking
Quinn Perrott
Quinn Perrott
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The FCA has lifted its ban on crypto Exchange-Traded Notes (ETNs) for professional investors. The relevant regulatory changes took effect on 8 October 2025. The FCA issued a press release that confirms that they will open retail access to crypto ETNs so long as they are "traded on an FCA-approved, UK-based investment exchange". This means crypto ETNs that are traded on an FCA-recognised investment exchange are now allowed for professional investors.

So are these crypto ETNs be MiFIR reportable?

What are ETNs?

From a legal perspective, ETNs are structured as debt instruments or notes issued by financial institutions. Investors lend money to the issuer by issuing a note and the issuer promises to pay a return based on how well the asset does, which is the subject of the note. ETNs are similar to exchange traded funds (ETFs) however, ETFs are essentially funds which hold a basket of securities or assets. ETNs are notes that are classified as legally transferable

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