UK FCA Considers Allowing Retail Funds to Hold Crypto ETNs Up to 10%

The UK Financial Conduct Authority (FCA) is considering a rule change that would allow UCITS schemes and most non-UCITS retail schemes to hold crypto exchange-traded notes (ETNs) up to 10% of scheme property. According to NS3.AI, the proposal would apply to the FCA’s fund rules and would set a cap on crypto ETN exposure within eligible retail fund structures. Comments on the fund chapter are due July 13, 2026.