UK FCA to lift retail crypto ETN ban from October 8, 2025

The UK’s Financial Conduct Authority will lift its four-year ban on retail access to crypto exchange-traded notes starting October 8, 2025.

The UK’s Financial Conduct Authority (FCA) will lift its four-year ban on retail access to cryptocurrency exchange-traded notes (ETNs) on October 8, 2025. The decision follows a consultation earlier this year and signals a shift in the regulator’s stance toward digital asset-linked investment products.

New Access, Ongoing Limits

The FCA said the change reflects greater market maturity and stronger investor protection standards. Retail investors will be allowed to buy regulated crypto ETNs listed on recognised investment exchanges, though these products will remain outside Financial Services Compensation Scheme (FSCS) protection. The ban on retail crypto derivatives will stay in effect.

Stricter Rules for Issuers

Issuers of crypto ETNs must meet enhanced disclosure, promotion, and Consumer Duty requirements under the revised framework. The policy shift comes amid rising institutional demand for digital asset exposure and highlights the UK’s effort to position itself as a competitive centre for regulated crypto investment products.