Overview
- Retail investors will be able to buy crypto exchange-traded notes listed on Recognised Investment Exchanges starting October 8, 2025.
- The FCA will continue to ban retail trading of crypto derivatives, citing consumer protection concerns.
- Crypto ETNs will carry full market risk for individuals because they will not benefit from Financial Services Compensation Scheme protection.
- Firms offering these products must comply with the FCA’s financial promotion rules and Consumer Duty requirements to ensure clear risk disclosures.
- The regulator pointed to increased transparency and professional uptake, as well as global approval of spot crypto ETFs, when supporting the policy shift.