The Financial Conduct Authority (FCA)’s decision to lift its prohibition on the sale of crypto Exchange-Traded Notes (ETNs) to retail investors has sparked optimism across the digital asset industry, as asserted by Harry Horsfall, co-founder and CEO of Zebu Live. While these products are not covered by the Financial Services Compensation Scheme (FSCS), Horsfall still hails the move as a “milestone moment” for the United Kingdom’s crypto future.

In line with the FCA’s announcement, HM Revenue and Customs (HMRC) announced it had updated its tax policy. It said starting Oct. 8, 2025, crypto ETNs would become eligible for inclusion in registered pension schemes. Furthermore, while initially automatically eligible for Stocks and Shares ISAs, they will be reclassified as qualifying investments within the Innovative Finance ISA (IFISA) starting April 6, 2026.

“The UK has been an underestimated force in the global crypto industry,” Horsfall said. “Recent developments suggest the UK finally has realized its potential as the natural home for the next generation of builders and investors.”

The FCA’s original ban, instituted in 2021, was rooted in concerns over investor protection, citing the volatility and complexity of crypto derivatives and ETNs. The overriding objective now is ensuring the U.K. is not left behind in the evolving global market. Matthew Long, the FCA’s Director of Payments and Digital Assets, characterized the policy change as the watchdog’s “latest milestone” in its work to support the development of a “sustainable, competitive crypto sector.”

Under the new framework, retail investors can access crypto ETNs—debt instruments that track the price of digital assets—provided they are traded on FCA-approved investment exchanges, such as the London Stock Exchange and Cboe UK. Strict financial promotion rules will apply to ensure transparency and prevent misleading incentives.

The watchdog’s decision is part of a broader UK regulatory push to integrate crypto into traditional finance. Inspired in part by U.S. legislative efforts (such as the GENIUS Act for stablecoins), the UK is also developing its own stablecoin regulations and exploring the tokenization of traditional assets. These efforts aim to bring digital assets under the existing financial system’s umbrella without stifling innovation.

For industry leaders like Horsfall, this shift in narrative—from focusing solely on the potential harm of digital assets to balancing investor protection with innovation—has been long overdue. He emphasized, “The conversation has clearly shifted from hype to regulation, adoption, and utility… The UK isn’t going to impose an outright ban on crypto or pretend it doesn’t exist. It’s actively working on new rules and frameworks to ensure compliance without throttling innovation.” This proactive stance by the UK government is also reflected in its increasing strategic engagement with the digital asset sector.

This sentiment is echoed across the fintech and blockchain sectors, where the FCA’s move is seen as a green light for homegrown innovation. Younger generations, already familiar with digital assets, are expected to be among the biggest beneficiaries of the expanded access to regulated crypto products.

As Europe continues to refine its digital asset policies under frameworks like MiCA, the UK’s latest move is seen positioning it as a serious contender in the race to build a compliant, scalable, and user-friendly crypto economy.

• What major crypto regulatory change did the UK’s FCA recently implement? The Financial Conduct Authority (FCA) lifted its ban on the sale of crypto Exchange-Traded Notes (ETNs) to UK retail investors.
• How will the UK’s HMRC tax policy change for crypto ETNs? Crypto ETNs will become eligible for registered pension schemes (Oct 2025) and qualifying investments within the Innovative Finance ISA (Apr 2026).
• Where can UK retail investors trade these new crypto ETNs? Retail investors can access crypto ETNs through FCA-approved investment exchanges, such as the London Stock Exchange and Cboe UK.
• What is the UK’s broader goal with this regulatory shift? The move is part of a broader UK push to integrate crypto into traditional finance and position the country as a competitive, global crypto hub.

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