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The UK's Financial Conduct Authority (FCA) is lifting its ban on crypto exchange-traded notes (ETNs) for retail investors, allowing trading on FCA-approved exchanges starting October 8th, 2025.
The FCA's move reverses a 2021 ban on retail access to crypto derivatives and ETNs, aiming to balance investor access with market stability. This targets regulated UK exchanges like the London Stock Exchange.
Unlike US spot crypto ETFs, ETNs do not necessarily hold underlying assets directly. Instead, they are debt securities issued by financial institutions that promise to pay the holder a return tracking an asset's performance minus fees and expenses.
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