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- Sohrab Khawas
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Jul 26, 2025 05:15 UTC
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Big Change in UK Crypto Regulation – Retail Access to Bitcoin Products Coming Soon?
UK set to lift crypto ETN ban, potentially opening regulated Bitcoin/Ethereum access for retail. Industry pushes for ETFs to follow, fearing offshore shift.
FCA review signals UK's move into regulated crypto products. Learning from US ETFs, UK aims for safer investor access, but faces risk of falling behind EU.
The UK may finally be easing its grip on crypto investment products. After banning retail access to crypto exchange-traded notes (cETNs) back in 2020, the Financial Conduct Authority (FCA) is now proposing to lift that ban. If approved, everyday investors in the UK would be able to trade cETNs, regulated products that give exposure to cryptocurrencies like Bitcoin and Ethereum, through official trading platforms.
This move comes as global interest in crypto investment products continues to grow. Earlier this year, the US approved several spot Bitcoin ETFs, which have already attracted billions in investments from both institutional and retail buyers. Now, the UK is under pressure not to fall behind.
Industry Says, ETFs Should Be Next
CryptoUK, the country’s leading industry group, welcomed the FCA’s decision but made it clear, this should be just the beginning. In their official response, they argued that crypto ETFs (exchange-traded funds) are a safer and more familiar option for most investors compared to holding crypto directly. ETFs avoid self-custody risks, often have lower fees, and are already widely used in traditional finance.
Firms like 21Shares and Coinbase UK echoed that sentiment, urging regulators to go beyond cETNs. They pointed out that limiting access might push investors toward unregulated offshore exchanges, increasing risk instead of reducing it.
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Moreover, product issuer 21Shares backed wider access too, warning the FCA against drawing the circle so small that UK savers are pushed back toward unregulated offshore platforms. Coinbase UK’s Keith Grose called the UK a “second mover” advantage player. By learning from successful models in the US and Europe, the UK can implement a clearer framework for regulated crypto products. But they also warn that delays could put the UK further behind countries like Germany and Switzerland, where retail access to crypto ETFs is already active.
What This Means for Crypto
The UK’s FCA is reviewing whether to allow retail investors to access crypto exchange-traded notes (cETNs), with final rules expected after summer. Key decisions include whether to expand beyond Bitcoin and Ethereum, and whether spot crypto ETFs could follow. For now, cETNs may offer a regulated way for UK savers to get crypto exposure without handling private keys. But both regulators and industry stress that the risks remain high, with potential for full losses due to volatility.
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FAQs
The FCA may lift its 2020 ban, allowing retail investors to trade crypto exchange-traded notes (cETNs) again.
cETNs are regulated products that give investors exposure to cryptocurrencies like Bitcoin without direct ownership.
Not yet, but industry groups like CryptoUK urge the FCA to expand access to spot crypto ETFs after cETNs.
The FCA is expected to publish final rules after summer 2025, following the public consultation period.
Yes 
No 
