What does the FCA’s new crypto ETN policy mean for retail investors?
The UK’s Financial Conduct Authority (FCA) has announced a crypto policy reversal. From 8 October 2025, retail investors will once again be able to buy crypto exchange-traded notes (ETNs).
The rollout will begin with bitcoin (BTC-USD) and other approved digital assets, through FCA-regulated Recognised Investment Exchanges (RIEs). The decision ends a four-year ban that had cut off ordinary UK investors from tax-efficient, exchange-listed crypto exposure.
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When the FCA banned retail access to crypto ETNs in January 2021, it cited extreme volatility in the crypto market and a lack of public understanding of these products. At the time, bitcoin was grouped with other highly speculative…
