UK’s Financial Conduct Authority (FCA) has officially lifted its four-year ban on retail access to Bitcoin and Crypto Exchange-Traded Notes (CETNS).
As of today, companies can offer exposure to retail investors to Bitcoin and other cryptoassets through ETNs traded on FCA-approved investment exchanges such as London Stock Exchange or Cboe UK.
The change came into force today after months of consultation and signalizes a more open – though still cautious – regulatory attitude towards crypto.
“Since we limited retail access to CETNs, the market has evolved and products have become more mainstream and better understood,” said David Geal, CEO of payments and digital financing at FCA. “In light of this, we give consumers more choices while ensuring that there is protection in place.”
Unlike exchange -traded funds (ETFs), ETNs are debt instruments that track the price of an asset instead of keeping it direct. They allow investors to get exposure to bitcoin through regulated markets without taking custody of the underlying crypto.
The British market impact and investor interest
According to new research from the IG Group, the British crypto market could grow by up to 20% after the introduction of retail-accessible ETNs. IG’s study found that almost a third of British adults would consider investing in crypto via ETNs, with an interest strongest among younger investors – about half of them aged 18 to 34.
“Crypto ETNs represent a significant step forward for the British market and open access to millions of investors who have previously been cautious or excluded,” said Michael Healy, IG’s British CEO. “The ability to keep crypto in familiar, tax -efficient vehicles such as ISAs and pensions is a real milestone.”
Analysts say the move brings Britain closer to comrades such as the United States, Canada and the EU, where regulated cryptoin -investing products are already available. However, experts warn that progress should continue if the country hopes to place itself as a genuine digitally asset hub.
From ban to breakthrough
FCA first banned the sale and marketing of cryptoderivatives and ETNs to retail investors in January 2021 with reference to volatility, valuation problems and investor protection risks. The restriction was partially relieved in 2024, when professional investors gained access to ETNs supported by Bitcoin and Ether.
This access further expanded in June 2025 when FCA began consulting to lift the retail ban – a process that culminated in today’s formal approval.
At present, the reintroduction of Krypto -Tns for retail is marking a milestone moment for the United Kingdom -one that could re -establish its ambitions to become a leading global center for digital funding.
“ETNs are only part of the puzzle,” Ig’s Healy said. “To fully unlock Crypto’s potential, Britain needs a proper regulatory framework – and it needs it quickly, or we risk falling far behind global comrades.”