GBBC Responds to FCA CP25/16 – Lifting the Ban on Retail Access to Cryptoasset ETNs (cETNs)

GBBC has submitted its formal response to Chapter 4 of the FCA’s CP25/16 Consultation Paper, which proposes to lift the current ban on retail access to cryptoasset exchange traded notes (cETNs) traded on UK Recognised Investment Exchanges (RIEs).

GBBC welcomes this proposal as a proportionate and risk-sensitive evolution of the UK regulatory perimeter, aligned with international competitiveness and the maturing cryptoasset infrastructure.

Our recommendations to the FCA include:

🔹Clarify eligibility and underlying asset scope for cETNs, so RIEs and market participants have clear regulatory signals.

🔹Strengthen consumer disclosures, including a standard warning that cETNs are not covered by the Financial Services Compensation Scheme (FSCS).

🔹Engage industry on future ETF and fund-based structures to ensure the UK remains open to crypto market innovation.

🔹Apply proportional financial promotion rules with room for future calibration as product types diversify.

We support the classification of cETNs as restricted mass market investments (RMMIs), ensuring appropriate guardrails without unduly stifling access.

Read the submission here.

GBBC remains committed to supporting a safe, transparent, and innovation-forward cryptoasset ecosystem in the UK.