The U.K. financial watchdog, the Financial Conduct Authority (FCA), has proposed lifting a ban on offering crypto exchange-traded notes (ETNs) to retail traders. If adopted, the proposal would allow pave the way for U.K.-based individual consumers to invest in crypto ETNs traded on approved or recognized investment exchanges.

According to a statement, if the ban is lifted, normal financial promotion rules would apply, meaning consumers will get information on the risks. They also will not be offered what the FCA calls “inappropriate incentives to invest.” Commenting on the watchdog’s proposal, David Geale, executive director of payments and digital finance at the FCA, said:

“This consultation demonstrates our commitment to supporting the growth and competitiveness of the U.K.’s crypto industry. We want to rebalance our approach to risk, and lifting the ban would allow people to make the choice on whether such a high-risk investment is right for them, given they could lose all their money.”

Imposed in January 2021, the measure barred the marketing and distribution of derivatives and crypto ETNs that referenced unregulated transferable crypto assets to retail clients. At the time, the FCA stated that retail clients lacked a “legitimate investment need to invest in these products.” Immediately following the announcement, an executive with Coinshares slammed the move, which he said made the U.K. the only Western jurisdiction to ban them based on an “erroneous belief that they have ‘no intrinsic value.'”

However, after more than four years with the ban in place, the FCA now says lifting it will support U.K. growth and its competitiveness. Nevertheless, the ban on retail access to crypto asset derivatives will remain in place, the FCA said.

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