The Financial Conduct Authority (FCA) is reconsidering its 2020 ban on retail access to crypto exchange-traded notes (cETNs).
After years of restrictions, the regulator is assessing whether to allow individual investors in the UK to buy and trade these regulated instruments, which track the value of digital assets such as Bitcoin and Ethereum. If sanctioned, crypto investment vehicles will be accessible to UK investors through official channels and will no longer need to seek offshore channels. Final decisions will be made after the summer. It comes against the backdrop of the U.S. continuing to lead the way in digital finance after approving several spot Bitcoin ETFs in early 2024 that drew billions in capital from retail and institutional investors.
CryptoUK welcomed the FCA’s shift but argued that focusing only on cETNs falls short. The group, in a formal release, stated that ETFs are a safer and better-known retail investment product, specifically in contrast to owning crypto outright. They noted that ETFs are cheaper and reduce self-custody risks.
In our response to the FCA’s consultation, CryptoUK welcomed the proposal to lift the ban on retail access to cryptoasset exchange traded notes (cETNs). But we also believe it’s time to start the conversation about retail access to crypto ETFs.
Spot Bitcoin ETFs approved in the… — CryptoUK (@CryptoUKAssoc) July 25, 2025
Calls for Wider Access Amid Rapid Global Movement
The UK faces increasing pressure to make a move, with Switzerland and Germany already having allowed retail crypto ETF trading. There are calls from companies such as 21Shares and Coinbase UK for the FCA to broaden its horizons to more than just cETNs. They argue that limiting choice may send savers to more risky, offshore exchanges.
Coinbase UK’s Keith Grose described Britain’s current role as having a “second mover” advantage. He believes that the UK can learn from US and European examples to develop a more favorable crypto marketplace. However, holding back could mean missing out on future economic benefits while other countries move ahead with broader availability and improved rules.
21Shares, a significant virtual asset issuer, reiterated these concerns, warning that a limited focus might dilute the FCA’s intention by pushing investors toward riskier products. These two companies have reiterated that local exchanges must be empowered to cater to demand in a safe manner, and not allow that demand to flow abroad.
Crypto Market Optimism Fuels Push for Change
The current market momentum points to growing confidence, adding weight to calls for broader access in the UK. Bitcoin is trading around $117,551 after rebounding from a drop earlier in the week. Analysts have set ambitious expectations.
Tom Lee predicts Bitcoin could reach between $200,000 and $250,000, while Finder’s expert panel sees it ending 2025 near $145,000. CoinDCX offers a range of $125,000 to $130,000 by 2026, assuming market support continues. Ethereum also rallied, trading at $3,757 after advancing more than 50% in one month. Ethereum projections in 2025 are between $4,735 and up to $15,000, depending on how the ETFs’ demand will evolve. Novogratz recently pointed to $4,000 as the significant price before additional increases.