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Russian (RU) Starting 8 October 2025, the UK is ready to lift its bank on crypto exchange-traded notes (ETNs) for retail investors. BTC products will return to the UK after two years!
Companies like Bitwise, registered in the UK, took to X on 3 October 2025 to celebrate the opportunity “to serve more investors in our home market in Europe at long last.”
UK’s Financial Conduct Authority (FCA) made the announcement as David Geale, executive director of payments and digital finance at the FCA, said, “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.”
However, the FCA made clarifications and called for a framework update. “ETFs marketed to UK retail investors are unable to invest directly into cryptoassets under our current regulatory framework for funds. This framework would need to be updated before retail investors could access cryptoasset ETFs,” the FCA said.
While BlackRock is reportedly exploring how to make its iShares Bitcoin exchange-traded product available to UK retail investors, Bitwise has expressed enthusiasm about finally serving UK investors and expanding its reach in Europe.
Ian Taylor of CryptoUK, a digital assets industry association, commended the move. He pointed out that so far the UK had been “an outlier on ETNs.”
Speculation is the CoinShares and Bitwise are readying offerings, but retail investos might need to wait at least a week due to the timing of FCA’s application review processes.
Meanwhile, the crypto community, specifically UK’s, has taken to X to celebrate the ban reversal.
Read More: What Is Crypto Passporting? Adrienne Harris Advocates For US-UK Passporting Scheme
A new facet to international financial regulation is crypto passporting. Similar to how European Union (EU) financial services companies can operate across member states under a single license, a US-UK passporting scheme. Crypto companies face significant barriers while expanding internationally. For example – a New York based company trying to expand in London will be impacted by costs and delays. Crypto passporting would allow crypto companies regulated in one country to operate in the other without necessarily undergoing the entire authorization processes.
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