CCN Markets quotes Racheal Muldoon on crypto exchange-traded notes (Crypto ETNs)
min readIn a landmark policy shift, the UK’s Financial Conduct Authority (FCA) has confirmed it will reverse its ban on retail access to crypto exchange-traded notes (ETNs).
As detailed by the London Stock Exchange (LSE), ETNs track the performance of underlying assets such as bitcoin or ether and are traded and settled like normal shares. They benefit from market maker support with guaranteed liquidity, enabling investors to trade on-exchange during London hours.
Starting October 8, 2025, individual investors will once again be able to buy Crypto ETNs through FCA-approved Recognised Investment Exchanges (RIEs). The move signals a significant change in attitude from the regulator, which had maintained strict prohibitions since early 2021.
By reopening the door - albeit with guardrails - the FCA is acknowledging both the growing maturity of the digital asset market and the improved ability of retail investors to understand complex crypto-linked products.
Providing insights on the shift, Racheal Muldoon, Partner in our Financial Services Regulation & Funds team, comments in CCN Markets. Racheal explains that the FCA’s announcement represents a carefully calibrated step toward integrating cryptoassets within the UK’s regulatory perimeter:
While direct crypto investments remain risky and unregulated, reopening access to regulated ETNs provides a controlled pathway for retail engagement, underpinned by compliance, governance, and transparency [...] In doing so, the UK joins a broader global movement toward institutionalising crypto exposure – echoing recent developments in the US and EU – while continuing to hold the line on investor protection.
Read the full article in CCN Markets here.
Read Racheal's longer Expert Insight on the subject on our website here.
