The Financial Conduct Authority (FCA) in the U.K. has officially removed its four-year ban on retail access to bitcoin and crypto exchange-traded notes (cETNs).
As of today, firms can provide retail investors with access to bitcoin and other cryptoassets through ETNs available on FCA-approved investment exchanges like the London Stock Exchange or Cboe UK.
This regulatory change takes effect today after extensive consultations and reflects a more open—though still cautious—regulatory approach to crypto.
“Since we limited retail access to cETNs, the market has progressed, and products have become more mainstream and understood,” stated David Geale, executive director of payments and digital finance at the FCA. “Given this evolution, we’re offering consumers greater choice while ensuring necessary protections are in place.”
Unlike exchange-traded funds (ETFs), ETNs are debt securities that track the price of assets instead of holding them directly. They enable investors to gain exposure to bitcoin through regulated marketplaces without managing the underlying crypto.
Impact on the UK Market and Investor Interest
Recent research from IG Group indicates that the U.K. crypto market might grow by up to 20% following the launch of retail-accessible ETNs. The survey revealed that nearly one-third of U.K. adults would contemplate investing in crypto through ETNs, with the highest interest among younger individuals—approximately half of those aged 18 to 34.
“Crypto ETNs signify a major advancement for the U.K. market, granting access to millions of investors who were previously hesitant or excluded,” remarked Michael Healy, IG’s U.K. managing director. “The possibility of holding crypto in familiar, tax-efficient formats like ISAs and pensions is a significant milestone.”
Analysts suggest that this development brings the U.K. closer to countries like the U.S., Canada, and the EU, where regulated crypto investment products are already accessible. However, experts caution that continued progress is essential for the U.K. to establish itself as a genuine digital asset hub.
From Ban to Breakthrough
The FCA initially prohibited the sale and marketing of crypto derivatives and ETNs to retail investors in January 2021, citing concerns about volatility, valuation, and investor protection. Restrictions were partially relaxed in 2024, allowing professional investors to access ETNs pegged to bitcoin and ether.
This access was further expanded in June 2025, when the FCA began discussions about lifting the retail ban—culminating in today’s official approval.
Currently, the reintroduction of crypto ETNs for retail investors marks a pivotal moment for the U.K.—one that may rejuvenate its ambitions to emerge as a premier global center for digital finance.
“ETNs are just one component of the larger puzzle,” noted IG’s Healy. “To fully unlock the potential of crypto, the U.K. needs a robust regulatory framework— and it needs one quickly, or we risk lagging behind our global counterparts.”
