FCA issues guidance for firms on retail access to crypto ETNs

The FCA has given guidance to firms wanting to offer crypto ETNs to consumers, following the lifting of the ban on retail access earlier this month. Consumers can now access the products so long as they are UK listed and admitted to trading on a UK RIE.

The FCA has reminded firms that, before offering cETNs to the retail market:

• the firm must have the right permissions to offer the products to consumers;
• the FCA must have approved the prospectus; and
• the firm must have proper compliance policies in place, not least to ensure it complies with the Consumer Duty.

It suggests firms wanting to apply for authorisation or a VOP should contact its pre-application support service.