Cryptocurrency News
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The UK Financial Conduct Authority (FCA) today published a notice to firms looking to offer crypto exchange trade notes (cETNs).
Consumers can now access crypto exchange trade notes (cETNs), with several products available.
The FCA lifted the ban on retail access to certain cETNs on 8 October. Retail consumers can now access cETNs when they are listed on the FCA Official List and admitted to trading on a UK Recognised Investment Exchange.
Prospectuses must be reviewed and approved before the products are available. The FCA had already been reviewing retail crypto ETN prospectuses in preparation for the 8 October lifting of the ban.
Crypto ETNs are complex products, and firms should ensure they have the correct permissions to offer them to consumers. Where they are planning to offer them, the FCA asks firms to inform their FCA supervisory contact.
These products are categorised as Restricted Mass Market Investments (RMMIs). Firms that offer them will need to comply with the financial promotion rules.
This means firms must:
If a firm wishes to apply for authorisation or new permissions to offer cETNs, they can request a pre-application meeting through the FCA pre-application support service.
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FCA provides info for firms looking to offer crypto ETNs – FX News Group
