The UK's Financial Conduct Authority (FCA) has announced that retail investors will soon be allowed access to cryptocurrency exchange-traded notes (ETNs) through FCA-approved UK-based exchanges. This move lifts the previous ban on crypto ETNs for retail customers and marks a notable shift in regulatory stance after years of restrictions. The new access is expected to begin on October 8, 2025. ETNs, which function similarly to exchange-traded funds (ETFs) but are structured as debt instruments, will now be available for cryptocurrencies including Bitcoin. The FCA's decision comes amid broader concerns that the UK is being left behind in the evolving crypto market, a warning echoed by former Chancellor George Osborne. Meanwhile, Coinbase CEO Brian Armstrong has criticized the UK's advertising ban on crypto, arguing that regulatory approaches framing crypto as gambling are counterproductive. The FCA's policy change reflects an acknowledgment of market evolution and aims to provide retail investors with more opportunities to participate in the crypto asset class.