The U.K. Financial Conduct Authority said it will allow retail investors to buy and sell crypto exchange-traded notes, reversing a ban introduced in January 2021. The watchdog said the change, which takes effect on 8 October, reflects a market that has "evolved" and now offers better understood, more mainstream products. Crypto ETNs made available to the public must be listed on an FCA-approved, U.K.-based recognised investment exchange. Firms marketing the notes will be subject to standard financial-promotion rules and the Consumer Duty, but investments will not be covered by the Financial Services Compensation Scheme, the regulator warned. The decision follows the FCA’s March 2024 move to let exchanges create crypto ETN segments for professional investors and a consultation opened in June 2025 on lifting the retail ban. The prohibition on crypto-asset derivatives remains in place. "We’re providing consumers with more choice while ensuring there are protections in place," said David Geale, the FCA’s executive director of payments and digital finance.