The United Kingdom’s Financial Conduct Authority (FCA) will remove its prohibition on retail access to Bitcoin Exchange-Traded Notes (ETNs) beginning October 8, 2025. This reversal ends a four-year ban initially imposed in January 2021.
The decision signifies the FCA’s acknowledgment of cryptocurrency markets evolving toward greater maturity and convergence with conventional financial offerings. While granting ETN access, the regulator maintains its prohibition on retail cryptocurrency derivatives trading, citing their heightened risk profile and potential for magnified investor losses.
This policy change occurs as the UK advances its comprehensive cryptocurrency regulatory framework scheduled for full implementation in 2026. The forthcoming regulations will establish clearer governance standards for crypto products including ETNs.
Retail investors accessing Bitcoin ETNs are reminded that these products fall outside the Financial Services Compensation Scheme (FSCS) protection scope. The FCA stresses individual responsibility for risk assessment and financial education prior to engagement.