The Financial Conduct Authority (FCA) has confirmed that from 8 October 2025, retail investors in the UK will be permitted to access crypto exchange traded notes (cETNs) under a new regulatory framework. (FCA press release)
Under the rules, cETNs will only be available when traded on an FCA-approved, UK-based Recognised Investment Exchange. The FCA has said this is intended to provide stronger oversight of the market while expanding investor access. Financial promotion requirements will apply, meaning firms must provide clear and fair information about the products they sell. In addition, the Consumer Duty framework will cover firms offering these products to retail clients, requiring them to ensure good outcomes for customers.
The FCA also emphasised the limits of protection. Unlike many other retail investments, cETNs will not be covered by the Financial Services Compensation Scheme (FSCS), so consumers cannot rely on compensation in the event of losses. At the same time, the existing ban on the sale of crypto derivatives and other high-risk instruments to retail investors will remain in place.
This development follows a series of regulatory steps. The FCA originally imposed a ban on crypto derivatives and ETNs for retail consumers in January 2021, citing high risks and market volatility. In March 2024, it opened the market for professional investors to access cETNs through recognised exchanges and in June 2025 launched a consultation on retail access. The latest announcement marks the conclusion of that process, reflecting what the FCA describes as a maturing market that can now support retail participation with appropriate safeguards in place.
