UK lifts ban on retail access to crypto ETNs
The UK's Financial Conduct Authority has ended its four-year ban on retail investors accessing bitcoin and crypto exchange-traded notes, effective October 8, 2025. This allows firms to offer these products on approved exchanges like the London Stock Exchange. The move could boost the UK crypto market by up to 20%, according to research.
The Financial Conduct Authority (FCA) in the UK officially lifted its ban on retail access to bitcoin and crypto exchange-traded notes (cETNs) on October 8, 2025, after months of consultation. The restriction, first imposed in January 2021 due to concerns over volatility, valuation, and investor protection, had previously limited these products to professional investors. In 2024, access was partially eased for professionals, and a consultation began in June 2025, leading to today's approval.
ETNs are debt instruments that track the price of underlying assets like bitcoin or ether without holding them directly, allowing exposure through regulated markets such as the London Stock Exchange or Cboe UK. "Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood," said David Geale, executive director of payments and digital finance at the FCA. "In light of this, we’re providing consumers with more choice, while ensuring there are protections in place."
Research from IG Group indicates the UK crypto market could grow by as much as 20% following the change. A survey of 2,500 investors found that nearly a third of UK adults would consider investing in crypto via ETNs, with about half of those aged 18 to 34 showing interest. Current crypto ownership stands at 12% of UK adults, per an FCA report from late 2024. "Crypto ETNs represent a significant step forward for the U.K. market, opening access to millions of investors who have previously been cautious or excluded," said Michael Healy, IG’s UK managing director. "We expect a surge in crypto adoption, especially among younger generations already comfortable with digital assets."
The policy aligns the UK with peers like the US, Canada, and the EU, where regulated crypto products are available. However, crypto ETFs remain banned, and eligibility for tax-advantaged accounts like ISAs and SIPPs, which hold over $930 billion in assets, is unclear. Platforms such as IG, Freetrade, and Stratiphy plan to offer ETNs soon. "The UK has the potential to be the largest crypto market in Europe, especially if crypto’s eligibility for individual savings and self-invested personal pension accounts is confirmed," said Dan Gold, founder of Stratiphy.