Firms will soon be able to give retail consumers access to crypto exchange traded notes (cETNs), under changes announced by the UK Financial Conduct Authority (FCA).

Crypto ETNs that retail consumers can access must be traded on an FCA-approved, UK-based investment exchange (a Recognised Investment Exchange or RIE). Financial promotion rules will apply so consumers get the right information and aren’t offered inappropriate incentives to invest.

The Consumer Duty will apply to firms offering these products to retail investors. However, there won’t be coverage from the Financial Services Compensation Scheme (FSCS). Consumers should ensure they understand the risks before deciding to invest.

This is the latest development as the FCA continues to establish a regulatory framework for crypto.

The FCA’s ban on retail access to cryptoasset derivatives will remain in place. The regulator will continue to monitor market developments and consider its approach to high-risk investments.

The change will come into force on 8 October 2025.

In January 2021, the FCA banned the sale, marketing and distribution of derivatives and ETNs that reference unregulated transferable cryptoassets to retail clients.

In June 2025, the FCA launched a consultation on proposals to lift the ban on retail access to cETNs.