FCA Opens Retail Access To Crypto ETNs

Back in June, the FCA proposed easing rules that have been in place since January 2021 and which prevent consumers from buying exchange-traded notes that track crypto coins such as bitcoin and ethereum. ETNs are debt securities that track an underlying asset but are traded on a stock exchange. They have grown in popularity in recent years and around 12% of British adults now own some form of cryptocurrency, compared with around 4% in 2021.

Following consultation, the FCA has nowannouncedthat firms will be able to give retail consumers access to crypto-exchange traded notes (cETNs) from 8 October 2025.

Crypto ETNs that retail consumers can access must be traded on an FCA-recognised, UK-based investment exchange (a Recognised Investment Exchange or RIE). Financial promotion rules will apply, so consumers get the right information and aren't offered inappropriate incentives to invest.