UK lifts ban on cryptocurrency ETN retail sales

According to Foresight News, according to CoinDesk, the British Financial Conduct Authority (FCA) has lifted its ban and allowed British retail investors to purchase crypto ETNs for the first time. A cryptocurrency ETN is an exchange-traded debt note that tracks the price of Bitcoin or Ethereum, but investors do not directly own the cryptocurrency. They fall under the umbrella of exchange-traded products (ETPs), which also includes exchange-traded funds (ETFs). Crypto ETNs can be held in stocks and individual savings accounts (ISAs) and registered pension schemes, allowing investors to earn tax-free returns in these accounts, UK tax agency HMRC said in a policy paper published on Wednesday.


Although the ban was officially lifted on Wednesday, retail investors will still have to wait a while before adding cETNs to their portfolios, as the FCA does not start accepting prospectuses for future products until September 25. The London Stock Exchange has listed several cryptocurrency ETNs from issuers such as 21Shares, WisdomTree and ETC Group, products that were previously only available to professional investors. Retail investors can now purchase these products through regulated platforms.

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