UK and France Open Retail Access to Crypto ETNs in Major Policy Shift

The UK and France have eased restrictions on retail access to crypto ETNs, allowing broader participation under strict requirements and aligning with a wider European shift to expand retail investor access to crypto products.

The UK Financial Conduct Authority (FCA) has reversed a four-year ban, allowing retail access to crypto exchange-traded notes (cETNs) from 8 October 2025, provided firms meet strict requirements. This move follows a period of consultation and aims to foster competition and innovation in the UK’s financial markets while maintaining consumer protection through robust risk warnings, appropriateness assessments, and ongoing disclosure obligations. Meanwhile, France has also adjusted its policy, with the Autorité des Marchés Financiers (AMF) updating rules to permit retail trading of certain previously banned crypto assets. The AMF’s changes allow retail marketing of crypto-indexed ETNs and remove warning-label requirements for eligible products. These adjustments align with a broader European trend to expand retail investor access to crypto products, with the AMF planning to review the policy in the first half of 2027. Crypto ETNs are now accessible to retail investors through regulated platforms and may be included in pension schemes and ISAs, though eligibility for Innovative Finance ISAs will change from April 2026.