UK lifts ban on retail crypto ETNs, signaling efforts to become a cryptocurrency hub

Odaily Planet Daily reported that the UK financial regulator has lifted the ban on crypto exchange traded notes (cETN) for retail investors, allowing individual investors to make their own choices at their own risk. The move is supported by the industry and is seen as a step for the UK to align with the global crypto market and strengthen its position as a digital asset center. Last Friday, the UK Financial Conduct Authority (FCA) announced the lifting of the ban on retail investors trading cETNs, and the relevant regulatory changes will take effect on October 8. The ban has been in place since January 2021, citing extreme market volatility and "lack of legitimate investment demand." The lifting of the cETN ban reflects the regulator's shift in attitude towards crypto assets. An FCA executive said in a statement that the decision reflects the development of the market and the public's improved understanding of crypto-related products. Although the FCA lifted the ban on cETNs, the regulator clarified that crypto derivatives are still prohibited. (Cointelegraph)