UK FCA to Lift Retail Ban on Crypto ETNs Next Week — What Bitcoin Investors Should Know
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The UK Financial Conduct Authority (FCA) has announced it will lift the retail prohibition on buying cryptocurrency exchange-traded notes (ETNs) from next week, reversing a restriction in place since 2019, provided the products are listed on an FCA-approved UK-based investment exchange. This change affects retail investors and applies solely to qualifying ETNs that meet UK listing and disclosure standards.
Market participants should note that exchange-traded notes (ETNs) are distinct from ETFs: ETNs represent unsecured debt securities linked to crypto assets and are not backed by physical assets, which introduces issuer credit exposure alongside underlying crypto exposure.
The FCA’s amendment does not extend to other instruments — the regulator has not lifted the retail ban on crypto ETFs or derivatives, maintaining existing restrictions while enabling a constrained retail access route to listed crypto ETNs.