UK FCA to Allow Retail Access to Crypto ETNs from October
UK retail investors can trade crypto ETNs from October 8, 2025, on FCA-approved exchanges. Derivatives ban remains.
- UK FCA lifts retail ban on crypto ETNs from Oct 8, 2025
- Only allowed on FCA-regulated UK exchanges
- No FSCS protection; crypto derivatives still banned
The UK Financial Conduct Authority (FCA) has announced a major policy change, allowing retail investors to access crypto exchange-traded notes (ETNs) starting October 8, 2025. This marks a shift from the FCA’s previous stance, which had banned such products for retail consumers since 2021.
Under the updated regulation, retail traders will be able to buy and sell crypto ETNs—provided they are listed on FCA-approved UK exchanges. This move is expected to offer investors more regulated avenues to gain crypto exposure, particularly through structured and institutionally-backed products.
However, the FCA has made it clear that this change does not include crypto derivatives like futures or options, which remain banned due to high risk and volatility.
No Investor Protection from FSCS
While the reopening of access to crypto ETNs is a win for UK retail investors, the FCA has emphasized that these products will not be protected under the Financial Services Compensation Scheme (FSCS). This means investors must be prepared to shoulder the full risk of their investments, with no safety net in the event of loss or exchange failure.
The FCA also reiterated the speculative nature of crypto assets, advising that these investments may not be suitable for all retail traders, particularly those unfamiliar with the sector.
What This Means for the Crypto Market
The decision is seen as a cautious but progressive step toward integrating crypto into mainstream financial products in the UK. It could pave the way for greater institutional involvement and more robust market infrastructure. However, the continued ban on derivatives suggests the regulator still sees a high risk in certain parts of the market.
As crypto regulations continue to evolve globally, the UK’s move to allow retail crypto ETN trading—albeit with strict limitations—signals a broader trend toward regulated exposure rather than unrestricted speculation.
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