The Financial Conduct Authority (FCA), the UK’s financial regulator, has confirmed that retail investors will be permitted access to crypto exchange traded notes (cETNs) from October 8, 2025.
According to the London Stock Exchange: “Exchange Traded Notes (ETNs) are debt securities which
provide exposure to an underlying asset. Crypto ETNs enable investors to trade securities which track cryptoassets, on-exchange, during London trading hours.”
Under the updated rules, retail consumers will be able to invest in cETNs traded on FCA-approved, UK-based Recognised Investment Exchanges. Firms offering these products will be subject to financial promotion rules to ensure consumers receive clear and accurate information and are not exposed to “inappropriate incentives”.
David Geale, executive director of payments and digital finance at the FCA, said: “Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood. In light of this, we’re providing consumers with more choice, while ensuring there are protections in place. This should mean people get the information they need to assess whether the level of risk is right for them.”
The regulator has emphasised that the Consumer Duty will apply to firms distributing these products to retail investors. However, cETNs will not be covered by the Financial Services Compensation Scheme.
FCA Consumer Duty: What UK firms need to know
“Consumers should ensure they understand the risks before deciding to invest,” stated the FCA.
Dovile Silenskyte, director of digital assets research at WisdomTree, welcomed the FCA’s move as a “pivotal moment” in the integration of digital assets into the broader financial system. She noted that the decision reflects a more mature and institutionalised crypto ecosystem, with growing regulatory clarity and the precedent set by the success of bitcoin ETPs in the US.
“By accessing crypto through ETPs, retail investors can now engage with crypto in a safer, more transparent environment, in doing so reducing the risks of unregulated platforms,” she said. The familiar ETP structure, she added, enables investors to better evaluate and manage digital assets within diversified portfolios, supporting more informed, long-term decision-making. While she acknowledged that mass market restrictions still apply, the move lays essential groundwork for broader retail engagement under a formal regulatory regime.
This move is a part of the FCA’s effort to formalise its regulatory framework for cryptoassets. It also recently set out a crypto roadmap and issued proposals relating to stablecoins and other key elements of the regime.
The FCA’s ban on retail access to cryptoasset derivatives remains in place.
