The UK financial regulatory authority allows professional investors to trade ETNs backed by cryptocurrencies

The Financial Conduct Authority (FCA) of the UK stated that it will not oppose requests from recognized investment exchanges to launch cryptocurrency asset-backed ETNs (Exchange Traded Notes) listed in the UK. Such products will be targeted only at professional investors, such as investment firms and credit institutions authorized to operate in financial markets. The FCA requires exchanges to ensure orderly trading and appropriate protection for investors, and crypto ETNs must meet all requirements for listing in the UK. Professional investors can now better assess whether crypto ETNs meet their risk preferences. However, regulatory authorities state that these products and crypto derivatives are "unsuitable for retail consumers due to the harm they cause," so the ban on crypto ETNs and crypto derivatives for retail consumers will continue to exist.