UK to Lift Ban on Crypto ETNs Next Week

The UK will lift a ban on specific crypto exchange-traded products (ETNs) starting next week, the government announced. The regulator cautioned that its “framework would need to be updated” before it would consider authorizing spot crypto ETFs; companies have publicly weighed in on the planned change.

Key facts
- The UK will lift a ban on certain crypto exchange-traded products (ETNs) starting next week.
- The action applies to specific exchange-traded notes/products, not broad ETF approval.
- The regulator said its “framework would need to be updated” before considering spot crypto ETFs.
- Companies in the crypto and financial sectors have responded as the reversal is prepared.
- The move signals a regulatory change but does not immediately permit spot crypto ETFs.

Background information
The decision reverses a prior UK ban on selected crypto ETNs and reflects a step-by-step regulatory approach. Regulators are separating ETN approvals from the more complex question of spot ETF authorization.

Impact: This opens the UK market to some crypto ETN trading next week and may increase industry engagement, but full ETF market access remains contingent on regulatory framework updates, limiting immediate broader market change.