In a major move in the cryptocurrency asset market, the UK financial regulator, the Financial Conduct Authority (FCA), has announced that it will allow individual investors to access crypto-backed exchange-traded notes (cETNs). According to the press release published by the FCA today, with this change, cETNs traded on FCA-approved investment exchanges (RIE) will be offered not only to professional investors but also to individual investors. The FCA said the ban on individual access to crypto derivatives products would remain in place, noting that similar products were already available in other countries. The agency added that it would continue to review its approach to high-risk investments and monitor market developments. Related News: BREAKING: Much-Anticipated US Nonfarm Payrolls and Unemployment Data Released “This consultation demonstrates the UK’s commitment to supporting the growth and competitiveness of the crypto industry,” said David Geale, the FCA’s executive director for payments systems and digital assets. “We want to realign our approach to balance risk. Lifting the ban will allow people to choose whether such investments are suitable for them, with the risk of losing all their money,” he said. Under the new regulation, the UK’s existing financial promotion rules will also apply, ensuring that investors are provided with adequate information about risks and that inappropriate incentives are not offered. *This is not investment advice. Continue Reading: The UK May Be Joining the US in Embracing Cryptocurrency – New Step Forward
