The UK has formally lifted its four-year restriction on individual investors purchasing Bitcoin exchange-traded products (ETPs) and exchange-traded notes (ETNs).
According to the Financial Conduct Authority (FCA), ordinary investors in the UK will once again have direct access to cryptocurrencies, ETPs, and ETNs as of October 8, 2025. Regulators used concerns about price volatility, market manipulation, and investors’ limited understanding of these securities to support the first prohibition, which took effect in January 2021.
However, as demand for cryptocurrency increased in Europe, the UK risked falling behind while the US and EU continued to adopt spot Bitcoin ETFs and ETNs on a large scale.
Crypto Industry Reaction
The decision to reverse the ban comes on the heels of an explosive rally in Bitcoin, whose price hit a new all-time high earlier this week, and record inflows into European crypto ETPs, which reached €972 million in Q3 2025.
Asset management heavyweights, including BlackRock and 21Shares, are already preparing to launch Bitcoin-linked ETPs on UK exchanges, pending final regulatory and listing approvals. Bitwise celebrated the move on social media, touting an opportunity “to serve investors in the home market Europe at last”.
The FCA’s lifting of the ban constitutes a significant step for the UK in embracing innovation, citing pent-up demand among British retail investors, many of whom have been using unregulated platforms due to the absence of accessible regulated products.
Yet, industry experts and advocates are quick to note that ETNs are still debt securities, rather than spot ETFs; they expose holders to issuer risk rather than conferring direct ownership of Bitcoin.
What’s Ahead for Bitcoin ETPs and ETNs
Despite the FCA’s official lifting of restrictions, operational glitches may mean investors do not have immediate access to Bitcoin ETNs.
Some reports suggest an additional delay as the London Stock Exchange and the FCA finalize procedures for retail-eligible listings, potentially pushing true retail access into next week or beyond.
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