Financial Authority grants retail investors access to exchange-traded crypto-based securities starting October
UK Financial Conduct Authority Announces Access to Crypto Exchange Traded Notes for Retail Investors
Starting October 8, 2025, retail investors in the United Kingdom will have access to crypto exchange traded notes (cETNs), according to the Financial Conduct Authority (FCA). This move is a significant step in formalising the regulatory framework for cryptoassets in the UK.
Exchange Traded Notes (ETNs) are debt securities that provide exposure to an underlying asset. Crypto ETNs, in particular, enable investors to trade securities which track cryptoassets during London trading hours. 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".
The FCA's 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. Dovile Silenskyte, director of digital assets research at WisdomTree, views this move as a "pivotal moment" in the integration of digital assets into the broader financial system.
By accessing crypto through ETPs, retail investors can now engage with crypto in a safer, more transparent environment. However, it is important to note that cETNs will not be covered by the Financial Services Compensation Scheme, and consumers should understand the risks before investing in crypto ETNs.
The FCA's Consumer Duty will apply to firms distributing these products to retail investors. Retail consumers will be able to invest in cETNs traded on FCA-approved, UK-based Recognised Investment Exchanges.
The FCA's crypto roadmap, published in November 2024, outlines a multi-phase strategy to integrate crypto activities into the UK's mainstream financial regulatory framework. Key proposals and elements of the regime include enhanced consumer protection and market integrity, a wider scope, legal and regulatory requirements, and a phased implementation timeline.
The FCA's ban on retail access to cryptoasset derivatives remains in place. The UK government is also drafting legislation to bring crypto trading platforms, intermediation, lending, borrowing, staking, and DeFi activities under FCA oversight by 2026.
While the UK is not under the EU’s MiCA regulation, its stablecoin rules are influenced by similar regulatory developments in Europe, especially for firms interacting with EU markets. The FCA's crypto roadmap sets a detailed, structured plan aiming to create a secure, regulated, and consumer-protective environment for cryptoassets, particularly stablecoins, by establishing specific authorisation and prudential requirements for issuers and custodians within a robust legal framework.
[1] UK Financial Conduct Authority (FCA), Cryptoasset Roadmap (November 2024). [2] UK Financial Conduct Authority (FCA), Consultation Paper on Stablecoins (June 2025). [3] UK Government, Draft Legislation on Crypto Assets (2025). [4] Dovile Silenskyte, director of digital assets research at WisdomTree, interview with The Guardian (August 2025). [5] UK Financial Conduct Authority (FCA), Consultation Paper on Cryptoasset Custody (June 2025).
- The introduction of crypto exchange traded notes (cETNs) for retail investors in the UK, starting October 8, 2025, is a business move that signifies a significant step in the incorporation of technology within the traditional UK financial system, as these securities track cryptoassets during trading hours.
- The decision by the UK Financial Conduct Authority (FCA) to allow retail investors to access crypto through exchange traded products reflects the growing influence of technology in the finance sector, with a more mature and institutionalised crypto ecosystem emerging, complete with increasing regulatory clarity.
