The United Kingdom has taken a significant step towards increased retail participation in crypto markets by opening up exchange-traded notes (ETNs) to the public. This move follows an extended ban on retail access to crypto-linked funds, and is already sparking fierce competition between ETN issuers. Companies are actively reducing their fees to attract new investors. Some even offer as low as 0.05% annual fees, while others keep their rates at up to 2.5%. This dynamic has emerged following the FCA’s decision to lift its ban in October 2023. Industry figures like Ian Taylor, board advisor at CryptoUK, welcomed the change and highlighted a move toward increased consumer risk management.