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FIND OUT MOREPartner Kate Gee examines the Financial Conduct Authority’s (FCA) proposal to lift the ban on crypto-ETNs to reflect the changing market landscape, and rebalancing risk-aversion in line with government requests. Kate’s comments were published in Law360, 20 June 2025, and can be found here.
Partner Kate Gee commented:
“This proposal represents a rebalancing of the FCA’s approach to the risks involved in investing in crypto, taking into account the growth of the UK’s crypto industry (and its place globally) and investor appetite for direct access to higher risk investments. The announcement is consistent with the draft crypto rules announced in April this year.
“The FCA relies on the existing financial promotion rules to protect potential retail investors investing in cETNs. These include that investors have access to information on the risks, there is no over-promotion or inappropriate incentive to invest, in the same way as if they bought cryptoassets directly.
“The proposal will be welcomed by the crypto sector and with proper implementation, the financial promotion rules may be sufficient protection for retail investors in these circumstances. However, firms – closely supervised by the FCA – would need to ensure that careful consideration is given to how cETNs are marketed and to how the specific risks are properly explained to all potential retail customers, including those who do not bring with them prior experience of investing in cryptoassets or with no pre-existing knowledge of the crypto market. As this will be a new, less sophisticated target investor, particular care and attention will need to be taken to ensure that the promotion of cETNs are sufficiently ‘fair, clear and not misleading’ – risks will need to be set out clearly, potentially by way of an upfront risk summary, using language that is easy to understand, which does not ‘trivialise the risks involved or take advantage of consumers’ lack of experience or knowledge.’ The FCA ought to closely monitor the promotion and uptake of these products, and carefully scrutinise whether the existing financial promotion rules offer sufficient protection to retail investors or whether clearer guidance to firms, enhanced risk warnings or other further protections are required.”
