UK Lifts Ban on Crypto Exchange-Traded Notes as Market Matures
On October 8, 2025, the Financial Conduct Authority (FCA) lifted its ban on crypto exchange-traded notes for everyday investors, ending a four-year restriction that started in January 2021.
The regulatory change allows UK residents to invest in crypto through regulated products traded on approved exchanges like the London Stock Exchange. David Geale, the FCA’s executive director of payments and digital finance, explained the shift: “Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood.”
What Are Crypto ETNs?
Exchange-traded notes are debt products that track cryptocurrency prices without requiring investors to own the digital assets directly. Unlike…
