Retail investors in the U.K. will soon be able to buy crypto exchange-traded notes (cETNs) under a new rule from the Financial Conduct Authority (FCA) set to take effect Oct. 8.

The FCA had previously barred retail access to crypto ETNs in 2021, citing investor protection concerns.

However, with the market maturing and some crypto investment products now better understood, the regulator said it will allow access, provided the ETNs are listed on recognized, FCA-approved U.K.-based exchanges.

Products must follow financial promotion rules to prevent misleading advertising and inappropriate incentives. The FCA’s Consumer Duty rules, which require firms to avoid causing foreseeable harm, will apply. The FCA warned, however, that there won’t be coverage under the Financial Services Compensation Scheme for these products.

The move comes after retail investors gained access to a plethora of cryptocurrency exchange-traded funds (ETFs) overseas in the U.S. These funds, per SoSoValue data, have already accumulated $146.4 billion in total net assets.

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