- France’s AMF removes retail crypto ETN warnings for products meeting four conditions.
- UK FCA lifted retail ban on October 8, Nordea to offer Bitcoin ETP starting in December.
- European crypto ETN inflows reached €2.5B YTD as regulatory barriers decline.
France’s financial regulator, AMF, authorized retail marketing of crypto-indexed exchange-traded notes, removing warning-label requirements for products that meet eligibility conditions.
Analyst Raphaël Bloch stated the authorization is a milestone the industry has been waiting for, coming two months after the UK’s FCA approval. The AMF updated its doctrine on complex financial products to integrate crypto-backed ETNs without lowering investor protection standards.
Four Conditions Required for Retail Access
France’s AMF imposed four cumulative conditions for retail eligibility. Underlying crypto-assets must maintain a market capitalization of at least €10 billion and show an average daily trading volume of at least €50 million over 30 days. Assets must trade on MiCA-authorized platforms.
Product structure requires no leverage or discretionary components. Exposure to cryptocurrency must happen through direct holding by the ETN issuer, securities issued or guaranteed by regulated entities, or other regulated instruments. All custody services must operate through MiCA-authorized custodians.
The UK Financial Conduct Authority lifted its retail crypto ETN ban effective October 8, 2025, opening access to approximately 7 million UK crypto holders. Nordea, the Nordic region’s largest bank with €648 billion in assets under management, will offer CoinShares’ Bitcoin ETP starting in December 2025.
European Crypto ETN Inflows Reach Record High
European crypto ETN inflows reached a record €2.5 billion year-to-date. CoinShares’ physical platform led the European crypto ETP market with over $1 billion in year-to-date net inflows. The company holds a 32% share of total regional assets under management.
CoinShares CEO Jean-Marie Mognetti stated that Europe’s crypto ETN market is opening rather than slowing. He noted that while the United States led with spot ETF approvals, Europe pioneered the sector with the first regulated Bitcoin ETP in 2015. The challenge has been fragmentation, with retail access varying dramatically country by country.
The United Kingdom has around 14 million active retail investors. France has experienced an increase in participation, with approximately one in every four persons having financial investments. Nordea serves more than 9 million private clients in Finland, Sweden, Norway, and Denmark.
CoinShares announced a partnership with BoursoBank, France’s leading online bank, to reach retail investors as markets open. The company ranks among the top digital asset managers globally alongside BlackRock, Fidelity, and Grayscale.
Related: 12 Million Customers Could Soon Buy Crypto in-App as France’s BPCE Expands Access
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