The UK Financial Conduct Authority (FCA) has proposed lifting the ban on cryptocurrency exchange-traded notes (cETNs) for retail investors, a move that could significantly expand access to this product. Announced in June 2025, the proposal would allow retail investors to trade cETNs referencing Bitcoin and Ethereum on approved exchanges, a departure from the existing ban of 2021 which excluded them from participation. This shift aligns with the FCA’s goal of boosting UK crypto industry growth while prioritizing consumer protection. The move is expected to increase exchange volumes and liquidity for major digital assets like Bitcoin and Ethereum. To ensure transparency and risk management, cETNs would need to adhere to strict financial promotion rules and undergo detailed risk disclosures before access to retail investors. The outcome of the consultation process and potential regulatory adjustments will determine the success and impact of this initiative.