The UK’s Financial Conduct Authority (FCA) has ended its three-year ban on crypto exchange-traded notes (cETNs) for retail investors. The regulatory change, announced on Friday, will take effect from 8 October.
The ban, first introduced in January 2021, was justified at the time by concerns over extreme volatility and what the FCA described as a “lack of legitimate investment need.”
An FCA spokesperson said the reversal reflects how the crypto market has matured and how related products are now better understood.
Industry Welcomes the Change
Industry figures were quick to respond, with many hailing the move as a sign the UK is taking steps to compete in global crypto markets.
Ian Taylor, board adviser at CryptoUK and COO of HT Digital, called the change “a reversal we are delighted to see.” He noted that until now, the UK had been “an outlier on ETNs” and said the decision shows progress toward a more balanced approach to consumer risk.
Taylor explained that CryptoUK has long advocated for wider access to regulated products like ETNs, which allow investors to track crypto asset performance without holding the assets directly.
Riccardo Tordera, policy and government relations director at The Payments Association, agreed. He said the previous ban “was hindering the UK’s chances of becoming a global crypto hub” and limiting competitiveness.
“This is a welcome move,” Tordera added, noting that professional investors had already regained access to cETNs last year.
Mixed Reactions from the Crypto Community
While many celebrated the news, not everyone was impressed. Jaime Rogozinski, founder of WallStreetBets, offered a sarcastic take:
“Britain loves financial risk — just not the kind that involves, say, vegetables or an industrial policy.”
His comment highlighted the divide between those who see the move as overdue progress and those sceptical of the UK’s broader economic priorities.
