British retail investors are facing an unexpected delay in accessing regulated cryptocurrency products, despite the lifting of the ban on their purchase. This decision has drawn criticism from the industry and heightened dissatisfaction among market participants who were hoping to benefit from the rising prices of digital assets.
This is reported by Finway
Reasons for the delay in launching crypto products
In August, the Financial Conduct Authority (FCA) announced the lifting of restrictions on the purchase of exchange-traded crypto products (ETNs) for retail investors starting from October 9, 2025. However, it has become clear that actual access to these instruments will not be immediate — investors are expected to wait about another week. The reason for this is the need for a thorough review of the documents submitted by crypto companies for approval.
This brief but significant delay has led to complaints against the regulator from representatives of the crypto industry, who believe the FCA’s actions are overly cautious.
“It doesn’t seem logical that the ban is lifted, but retail investors cannot buy on the same day,” noted one source.
Leaders of crypto companies argue that preparations for the launch took long enough, but the warning about the final order came too late. The FCA began accepting documents from issuers only two weeks before the start, as it awaited the opening of the relevant segment of the London Stock Exchange (LSE), which occurred on September 23. Just two days later, the regulator began reviewing applications.
What lies ahead for retail investors
The FCA emphasizes that after the ban is lifted, investors will decide for themselves whether such high-risk instruments are suitable for them. Before the final launch, the regulator will spend several days reviewing each investment prospectus and may require additional clarifications from issuers. Confirmation from the LSE regarding the listing will be the final step before the products hit the market, so the first trades may begin as early as mid-October 2025.
Despite the delay, market representatives generally view the FCA’s actions positively. In particular, a representative from the London Stock Exchange, Alex Watkins, highlighted that the launch of crypto products will provide retail investors with new opportunities to diversify their portfolios.
The opening of access to regulated ETNs on Bitcoin and Ethereum will allow British investors to safely invest in digital assets through official platforms, as is already happening in the US, where the acceptance of crypto funds has led to a significant influx of institutional investments.
Regulation of the crypto market in the UK is progressing gradually. As early as June 2023, King Charles signed a law recognizing cryptocurrencies and stablecoins as regulated financial activities. In May 2025, the FCA engaged the crypto community in discussions about new rules regarding DeFi, staking, and brokerage. Additionally, starting in 2026, crypto companies will be required to undergo mandatory global reporting under the Cryptoasset Reporting Framework. In the fall, the regulator also announced the simplification of procedures for crypto companies, acknowledging the need to adapt rules to the rapidly changing market.