Retail investors in the UK will soon be able to access crypto exchange traded notes (cETNs), following a rule change announced by the Financial Conduct Authority (FCA).
The move marks a significant shift in the regulator’s stance, which had previously barred retail access to such products.
From 8 October 2025, firms will be permitted to offer cETNs to retail clients, provided the products are traded on a UK-based Recognised Investment Exchange (RIE) approved by the FCA. Financial promotion rules will apply, with the regulator emphasising the need for clear information and appropriate safeguards.
David Geale, executive director of payments and digital finance at the FCA, said the decision reflects changes in the market: “Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood.
“In light of this, we’re providing consumers with more choice, while ensuring there are protections in place. This should mean people get the information they need to assess whether the level of risk is right for them.”
The FCA confirmed that firms offering cETNs to retail clients will be subject to the Consumer Duty, but noted that investments will not be covered by the Financial Services Compensation Scheme (FSCS). Consumers are urged to understand the risks before investing.
The regulator’s ban on cryptoasset derivatives for retail clients remains in force. The FCA said it will continue to monitor developments in the crypto market and review its approach to high-risk investments.
This latest update forms part of the FCA’s broader crypto roadmap, which includes recent proposals on stablecoins and other regulatory measures aimed at shaping the UK’s digital asset regime.
