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Britain Lifts Retail Crypto ETN Ban, Indicating Efforts to Become Cryptocurrency Hub
BlockBeats News, August 6th, according to Cointelegraph's report, the UK financial regulator has lifted the ban on exchange-traded notes (cETNs) for retail investors on cryptocurrency exchanges, allowing individual investors to independently take on risks and make choices. This move has received industry support and is seen as a step for the UK to align with the global crypto market and strengthen its position as a hub for digital assets.
Last Friday, the Financial Conduct Authority (FCA) of the UK announced the lifting of the ban on retail investor trading of cETNs, with the regulatory changes taking effect on October 8th. The ban was implemented in January 2021 citing extreme market volatility and "a lack of legitimate investment need."
The reversal of the cETN ban reflects a shift in the regulatory agency's stance on crypto assets. A senior FCA executive stated in a release that this decision reflects the development of the market and an increased public understanding of crypto-related products. Despite lifting the ban on cETNs, the regulator clarified that crypto derivatives are still prohibited.
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