The UK Financial Conduct Authority (FCA) has announced that it would increase the detailed ban on negotiated tickets in exchange for cryptocurrency (CET), from October 8, 2025. This change of policy puts an end to a four-year restriction on these products for individual investors, reporting a more mature and regulated market environment (1). The decision allows retail investors to negotiate CETs listed on investment exchanges recognized by FCA (RIES), offering structured exposure to cryptographic assets through supported institutional structures (2). However, the FCA stressed that these instruments will not be protected by the financial services remuneration regime (FSCS), leaving investors fully exposed to potential losses (3).
The executive director of digital payments and finance of the FCA, David Geale, noted that the market has evolved considerably since the restrictions of 2021 were imposed. The regulator has highlighted its updated approach as a means of providing investors with enlightened choices while maintaining regulatory surveillance (4). Despite increased access, the FCA continues to apply a detail ban on cryptographic derivatives such as future and options, which are deemed too risky and volatile (5). The decision is part of a wider effort to promote a responsible and competitive digital asset ecosystem in the United Kingdom while balancing innovation with consumer protection (6).
Access to detail in the CEN should encourage greater participation in the cryptography market and improve liquidity, but analysts warn that investors must show reasonable diligence. The absence of FSCS coverage means that no financial security net is available in the event of loss or exchange failures. The FCA has reiterated that cryptographic assets are speculative and may not suit all investors, in particular those who do not know the market (7). This decision reflects a global trend towards regulated exposure to cryptography rather than without restriction, because regulatory frameworks continue to evolve (8).
Although the FCA decision marks a prudent step towards the integration of crypto into traditional finance, it also underlines the continuous vigilance of the regulator. The updated rules strengthen existing financial promotion and consumer rights requirements for companies offering CEN to retail investors but do not introduce new risk mitigation measures (9). This approach highlights the need for education and awareness of investors, because the FCA does not plan to extend access to other high -term crypto products (10).
Source:
(1) Cointelegraph-(https://cointelegraph.com/news/uk-égulator-lifts-ban-on-crypto-etns-by-retail-investors)(https://cointelegraph.com/News/uk-gulator-lifts-ban-on-crypto-etns-by-rewsstresters)
(2) Law360-(https://www.law360.com/articles/2372140/fca-widens-crypto-etn-access-to-boost-competitivity)(https://www.law360.com/articles/2372140)
(3) It’s money – (https://www.hisismoney.co.uk/money/crypto/article-14962913/fca-allow-retail-investors-tradecrypto-exchange-traded-nots.html?ito=1490&ns_campgel=1490&ns (https://www.hisismoney.co.uk/money/crypto/article-14962913/fca-allow-retail-investors-tradecrypto-exchange-traded-nots.html?ito=1490&ns_campgel=1490&ns
(4) Crowdfund Insider-(https://www.crowdfundinsider.com/2025/08/247110—-financialconduct-autheority-openéns-crypto-exchange-traded-note-to-etail-investors/) (https://www.crowdfundinsider.com/2025/08/247110—financial-Conduct-autheority-openéns-crypto-exchange-traded-notes-to-etail-investors/)
(5) Coinspeaker-(https://www.coinspeaker.com/uk-fca-makes-big-concession-with-retail-crypto-etn-allowance/)(https://www.curetn-allowance/)
(6) Ainvest – (https://www.ainvest.com/news/uk-lift-ston-retail-crypto-etn-ban-octuber-8-2025-2508/)(https://www.ainvest.com/news/uk-lift-ston-rettail-crypto-etn-ban-oc October-8-2025-2508/)
(7) Rules tomorrow-(https://www.regulationtomorrow.com/eu/fca-opens-acs-access–crypto-etns/)(https://www.regulationtomorrow.com/eu/fca-opens-etail-access-to-crypto-etns/)
(8) Magnates Financiers-(https://www.financemagnates.com/cryptocurrency/fca-to-allow-etail-investors-ta-gain-access-to-crypto-etns-starting-octuber/) (https://www.financemagnates.com/cryptocurrency/fca-to-allow-etail-investors-to-gain-access–crypto-etns-Starting-oCober/)
(10) Ainvest – (
