UK’s FCA to lift ban on crypto ETNs — here’s what it means
LONDON — The U.K. is set to lift a ban on a key type of crypto debt security in a bid to catch up to the U.S. and other financial hubs as it looks to become a global hub for digital assets.
On Friday, the Financial Conduct Authority, the U.K.’s main regulator for financial services, announced a proposal to reverse its ban on offering crypto exchange-traded notes to retail investors.
Exchange-traded notes are a type of debt instrument that are linked to one or more specified assets — cryptocurrencies, in this case. In essence, they allow investors to gain exposure to digital tokens through the use of a regulated exchange.
Sales of crypto ETNs to retail investors have been prohibited in the U.K. since the FCA put in place a ban in 2019…
