After the UK lifted its retail ban, cryptocurrency exchange-traded notes (ETNs) have been opened to retail investors—a market previously limited to professional traders—leading to a price war among issuers vying for market share, according to the Financial Times.

The report published by the Financial Times on Thursday stated that several Bitcoin ETN issuers have cut fees to as low as 0.05%, describing the resulting competition as "intense competition" for investors. Meanwhile, other crypto-related ETNs continue to charge annual fees of up to 2.5%.

This fee war stems from the UK Financial Conduct Authority (FCA) deciding to lift its 2021 ban on retail investors accessing crypto-related funds, a change that took effect on October 8.

At the time of the policy reversal, Ian Taylor, a board advisor at the trade association CryptoUK, told Cointelegraph: "We are pleased to see this reversal," emphasizing the "progress we have made in introducing a more balanced approach to consumer risk."

Recently available ETNs include 21Shares' Core Bitcoin and Ethereum Core Staking ETP, with fees reduced to 0.1%; Fidelity's Physical Bitcoin ETP, now charging 0.25%; and CoinShares' Physical Staked Ethereum ETP, which currently has no management fee.

The FCA's rule change is also part of broader efforts to revive the UK's declining position in global crypto adoption.

One key point of contention is the treatment of stablecoins, with industry participants previously opposing the Bank of England's (BoE) proposed strict corporate holding limits.

According to Bloomberg, the Bank of England is now considering softening its stance amid growing concerns that the U.S. is taking the lead after passing the GENIUS Act, which aims to provide clearer rules for stablecoin issuers.

In recent months, Bank of England Governor Andrew Bailey has also softened his tone, no longer issuing early warnings that private stablecoins could pose a threat to financial stability. Instead, he acknowledged the innovative potential of the technology and its increasingly important role in the financial system.

Related: CoinShares launches a staking-supported Toncoin (TON) ETP

Original article: “UK Lifts Retail Ban, Crypto ETNs Spark ‘Price Bloodbath’”

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