On 27 October 2025, the Financial Conduct Authority (FCA) published information for firms looking to offer crypto exchange traded notes (cETNs).

Background

The FCA explained that it lifted the ban on retail access to certain cETNS on 8 October 2025, meaning that retail consumers can now access cETNS when they are listed on the FCA’s Official List and admitted to trading on a UK Recognised Investment Exchange.

Summary

The FCA set out information for firms who may want to offer cETNs. This includes highlighting that prospectuses must be reviewed and approved before the products are available, firms should ensure they have the correct permission to offer the products and must inform their FCA supervisory contact in advance, and that firms who offer them will need to comply with the relevant rules including in relation to financial promotions and the Consumer Duty.

Next steps

The FCA also highlighted its crypto roadmap setting out its plans to integrate cryptoassets into its regulation and that it has recently published a consultation on proposals for the application of the FCA Handbook to regulated cryptoasset activities.