In June 2025, the UK Financial Conduct Authority (FCA) proposed lifting its ban on crypto exchange-traded notes (ETNs) for retail investors. On 8 October 2025, the ban – in place since January 2021 – was lifted (source [1]).
What has changed
Crypto ETNs track the price of bitcoin or ether without the buyer holding the coins directly. Retail investors may now buy them, but only if they are traded on an FCA-approved, UK-based Recognised Investment Exchange. The ban on crypto derivatives for retail clients remains in place (source [2]).
What investors should know
- No compensation scheme: The Financial Services Compensation Scheme (FSCS) does not apply to these products (source [3]).
- Slow start: On the first day, many retail investors could not yet buy the products because prospectuses still had to be approved (source [4]). Providers such as WisdomTree followed from 20 October 2025 (source [5]).
- Growth potential: According to IG Group, the move could expand the UK crypto market by up to 20% (source [6]).
What it means
The UK is catching up with markets such as Germany and Switzerland, where crypto ETNs have long been available to private investors. For bitcoin users, an ETN is a convenient way to gain price exposure – but it is not the same as owning bitcoin: you cannot send it, and you do not hold the keys.
Sources
