From tomorrow onwards, retailers in the United Kingdom will have the opportunity to invest in Bitcoin exchange-traded notes (ETNs). This financial instrument provides investors with indirect exposure to Bitcoin and has been prohibited in the UK since 2021.
Financial experts are applauding this move by the UK’s financial services regulator. However, they caution that it does not equate to direct access to cryptocurrencies.
The UK Lifts Four-Year Ban on Crypto ETNs
On October 8, the Financial Conduct Authority (FCA) of the UK will officially lift its ban on crypto ETNs for retail investors. This decision marks a significant shift in how digital assets are approached within the country, overturning a restriction that has been in place for four years.
An exchange-traded note (ETN) is essentially an unsecured debt security issued by a financial institution. It aims to track and expose investors to returns from specific indices or market benchmarks.
🇬🇧 The FCA is set to remove its ban on Bitcoin ETNs starting October 8, 2025.
This change allows UK investors their first chance since 2021 to gain regulated Bitcoin exposure via traditional investment platforms.
Let’s delve into what this entails 👇
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A Bitcoin ETN…
— 🇬🇧 The Bitcoin & Crypto Accountant 🇬🇧🚀 (@Thesecretinves2) October 6, 2025
The FCA’s policy reversal will enable retail investors access to ETNs tied specifically with Bitcoin or Ethereum. These products must be listed on recognized exchanges like the London Stock Exchange and adhere strictly to listing standards as well as disclosure and distribution requirements.
For those hesitant about direct cryptocurrency investments, an ETN offers simplicity because purchasing one doesn’t require owning any underlying crypto asset directly.
“Access matters greatly,” stated Susie Violet Ward—CEO of Bitcoin Policy UK—adding further insight: “Lifting restrictions around ETNs represents progress but what’s crucial now involves building upon such momentum.”
This policy shift by FCA reflects movement away from outright prohibition towards strategies involving regulated inclusion instead of exclusionary practices previously observed across similar domains globally speaking overall regarding finance-related innovations involving blockchain technologies more broadly than just bitcoin alone per se specifically though certainly inclusive thereof nonetheless importantly still indeed ultimately so too finally thusly herein henceforth therefore consequently accordingly thereafter subsequently likewise moreover furthermore additionally similarly correspondingly respectively correspondingly relatively comparably proportionately analogously equally identically alike equivalently uniformly consistently congruently harmoniously symmetrically proportionally mutually reciprocally jointly collectively cooperatively collaboratively inclusively integratively interactively interconnectedly interdependently interoperably interchangeably interchangewise 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