Page 49 - 期货和衍生品行业监管动态（2025年6月）

期货和衍生品行业监管动态

notes (cETNs) to retail investors. Similar products are already available in other
countries.

It would mean cETNs could be sold to individual consumers, rather than just

professional investors, in the UK, if they’re traded on an FCA-approved investment

exchange (a recognised investment exchange or RIE).

Financial promotion rules would apply, so consumers get information on the

risks and would not be offered inappropriate incentives to invest, in the same way as

if they bought cryptoassets directly.

David Geale, executive director of payments and digital finance at the FCA,

said:

‘This consultation demonstrates our commitment to supporting the growth and

competitiveness of the UK’s crypto industry. We want to rebalance our approach to

risk and lifting the ban would allow people to make the choice on whether such a

high-risk investment is right for them, given they could lose all their money.’

This is the latest development as the FCA continues to establish a regulatory

framework for crypto. The regulator has outlined its crypto roadmap and recently

published proposals on stablecoins as well as other aspects of the regime.

The FCA’s ban on retail access to cryptoasset derivatives will remain in place.

The regulator says it will continue to monitor market developments and consider its

approach to high-risk investments.

The announcement comes alongside other proposals outlined in a quarterly

consultation paper from the FCA, to further reduce burdens on firms and support

economic growth:

 Simplifying reporting requirements for funds’ assessments of value,

following feedback to the Consumer Duty Call for Input, which will lead to

a significant cost saving for 149 firms who manage more than 3900 funds.

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