UK Lifts Crypto Ban — Will London Become Europe’s Bitcoin Hub?
The United Kingdom has taken a step towards turning into Europe's digital assets hub, announcing the lifting of a decades-long ban on retail access to crypto exchange-traded notes (ETNs) and ETFs.
On June 6, the Financial Conduct Authority (FCA) confirmed that it will allow individual investors to buy these sanctioned crypto products, previously only open to professionals on sanctioned investment exchanges like the London Stock Exchange.
The policy shift, overturning a ban that's been on the books since 2019, forms part of a broader post-Brexit strategy to boost competitiveness and attract fintech innovation.
Crypto ETNs and ETFs tracking the value of assets like Bitcoin and Ethereum will be available to retail buyers if they're traded on FCA-listed venues and in accordance with strict financial promotion and risk disclosure rules.
Despite this, the retail crypto derivatives ban continues to stand, mirroring concerns regarding volatility and consumer protection in the marketplace.
David Geale, the FCA's executive director of payments and digital assets, was keen to note the regulator's new stance:
