Overview

• Beginning October 8, 2025, UK retail investors will be permitted to trade crypto exchange-traded notes on FCA-approved exchanges.
• These products will not receive protection from the Financial Services Compensation Scheme, leaving investors fully exposed to market and issuer risks.
• Firms offering crypto ETNs must adhere to FCA financial promotion rules and the Consumer Duty framework to ensure clear risk disclosures and suitability assessments.
• The FCA will maintain its ban on retail access to crypto derivatives, citing ongoing concerns over volatility and complexity.
• The shift follows professional investor access granted in March 2024 and aligns with the FCA’s broader digital assets roadmap, including forthcoming stablecoin proposals.