UK financial regulator moves to allow mutual funds 10% exposure to crypto ETNs

The Financial Conduct Authority proposed allowing some investment schemes to add exposure to crypto exchange-traded notes. What to know : The U.K.'s Financial Conduct Authority (FCA) proposed allowing certain retail investment funds to hold up to 10% of their assets in cryptocurrency exchange-traded notes. UCITS and NURS could be described as U.K. equivalents of mutual funds in that they are regulated, open-ended structures that pool money from retail investors into managed portfolios. The regulatory hurdles to wider access to crypto ETNs has drawn criticism from commentators who say it risks placing the U.K. at a disadvantage to its peers.