In a landmark policy shift, the UK Financial Conduct Authority (FCA) has reversed its ban on retail access to crypto exchange-traded notes (cETNs) — a move widely seen as aligning the UK with global digital asset markets and advancing its ambition to become a leading crypto hub.
FCA Reverses 2021 Ban, Effective October 8
Starting October 8, 2025, retail investors in the UK will once again be able to invest in cETNs, financial products that track the performance of cryptocurrencies and trade on traditional exchanges.
The FCA’s ban, originally implemented in January 2021, cited crypto’s volatility and a “lack of legitimate investment need.” But the regulator now acknowledges that the crypto market has matured, with improved product structures and investor awareness.
“This decision reflects how the market has evolved and how crypto-related products are now better understood,” said an FCA spokesperson.
Industry Applauds the Move
Crypto industry leaders have welcomed the reversal. Riccardo Tordera, Director of Policy at The Payments Association, emphasized how the ban had limited the UK’s potential:
“The FCA ban on retail access to certain crypto products was hindering the UK’s chances of becoming a global crypto hub.”
The change is expected to attract new retail capital, improve institutional credibility, and potentially draw more crypto product listings on UK exchanges.
Why This Matters
The UK government has repeatedly signaled its desire to foster a crypto-friendly regulatory environment. By reopening access to regulated crypto investment vehicles like cETNs, the UK positions itself alongside markets like the US and EU, which have already embraced Bitcoin and Ethereum ETFs.
With the FCA’s policy pivot, the UK is signaling it’s serious about competing in the global digital asset economy — and retail investors are finally back in the game.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.