BlackRock is positioning itself to lead the UK retail crypto market as the Financial Conduct Authority (FCA) is set to lift restrictions on crypto exchange traded notes (ETNs) for retail investors starting October 8, 2025. This regulatory shift will align the UK with other major European markets and open the door for everyday investors to access crypto products through traditional investment platforms.
FCA’s October 8 Rule Change Opens the Door for Retail Crypto Access
Until now, UK retail investors have been barred from purchasing crypto ETNs, including those tracking bitcoin. These products were restricted to professional investors due to concerns over market volatility and investor protection. However, starting next month, the FCA’s updated guidance will permit retail access, reversing a ban that has been in place since 2021.
The move is expected to bring significant changes to the UK crypto investment landscape. It will also allow financial giants like BlackRock to offer their crypto-linked exchange traded products to a much broader audience through the London Stock Exchange (LSE).
BlackRock’s iShares Bitcoin ETP Set for UK Launch
BlackRock is preparing its iShares Bitcoin ETP for a London Stock Exchange listing, which will be open to retail investors once FCA approval is finalized. The product is already listed in several European markets—including France, Germany, the Netherlands, and Switzerland—but has only been available to institutional investors in the UK.
This upcoming launch will mark the first time UK retail investors can directly access BlackRock’s Bitcoin ETP through a regulated, exchange-traded vehicle. BlackRock’s U.S. counterpart, the iShares Bitcoin Trust ETF, has become a market leader since its debut in January 2024, amassing over $84 billion in assets, making it the world’s largest crypto ETF.
While competitors like Fidelity International, WisdomTree, and Invesco already list bitcoin ETFs in London, retail investors have been locked out due to existing FCA rules. That’s about to change, and BlackRock appears to be moving quickly to take advantage of the new regulatory environment.
As the UK opens up retail access to crypto ETNs, analysts expect a wave of fresh demand from individual investors. BlackRock’s entry into the retail market with its proven iShares Bitcoin product could further legitimize crypto investments within mainstream portfolios—potentially sparking renewed interest and growth across the sector.
