The UK's Financial Conduct Authority (FCA) has proposed lifting the ban on providing cryptocurrency exchange-traded notes (ETNs) to retail investors.
In an announcement shared with Cointelegraph on June 6, the FCA stated that the proposed change would allow individual consumers access to crypto ETNs, provided these ETNs are listed on investment exchanges approved by the FCA.
"We want to rebalance the way we handle risk; lifting the ban will allow people to choose for themselves whether it is appropriate to make such high-risk investments, as they could lose all their money," said David Geale, FCA's Executive Director of Payments and Digital Assets.
Diego Ballon Ossio, a partner at the UK law firm Clifford Chance, stated that this move "aligns perfectly with the UK's ambition to position itself as a mature jurisdiction in the crypto space," adding that it "will not only unlock exposure to crypto assets for retail investors but also signal the UK's open attitude towards cryptocurrencies."
The FCA is currently working on a new version of its crypto regulatory framework. At the end of May, the regulator sought public feedback on proposed regulations regarding stablecoins and cryptocurrency custody.
These ongoing efforts follow UK Chancellor Rachel Reeves' recent disclosure of plans to establish a "comprehensive regulatory framework" aimed at making the UK a leader in the crypto space.
Recent reports have also indicated the need for such measures, considering that by 2025, the UK is expected to lead globally in cryptocurrency ownership among its population, surpassing other economies, including the United States.
During a debate in the UK House of Commons on June 5, Cabinet Office Minister Pat McFadden stated, "As finance evolves, our rules must also evolve to ensure transparency and integrity in elections, which is absolutely right." MP Sarah Olney expressed concerns about political parties accepting crypto donations:
"Members may have noticed that some political parties have begun accepting cryptocurrency donations—I am not suggesting this might be an attempt to evade donation transparency requirements."
She further emphasized the need to ensure that "donations from unallowable or unidentifiable sources must be returned." Her comments came after the leader of the Reform Party, Nigel Farage, announced on June 4 that the party would accept cryptocurrency donations from eligible donors.
"From now on, we are the first political party in the UK to accept Bitcoin (BTC) and other cryptocurrency donations," Farage said. "We have lagged behind the US for a long time, but from now on, those who own Bitcoin can donate to us, provided they are eligible."
Related: Switzerland approves sharing cryptocurrency tax information with 74 countries
Original: “UK Financial Conduct Authority (FCA) proposes lifting the ban on crypto ETNs for retail investors”
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