Many Happy Returns FCA Lifts the Ban: UK Investors Can Buy Crypto ETNs—But Should You?
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Aug 20, 2025 The UK has lifted the ban on retail investors purchasing crypto exchange-traded notes (ETNs), sparking discussions about the changing regulatory landscape. The speakers delve into the risks of investing in cryptocurrencies and the importance of understanding asset managers' credit quality. They also explore the relationship between scarcity and value in crypto, and express cautious skepticism regarding the volatile nature of these investments. The episode emphasizes the need for transparency and disciplined portfolio management as retail investors navigate this emerging market.
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Regulated Listings Make Crypto Simpler
- Regulated exchange-traded crypto products remove custody and storage hurdles for retail investors.
- Holding ETNs on a UK platform makes crypto accessible like other investments without cold-wallet complexity.
Cold Wallets: Ownership—and Responsibility
- Ramin explains cold wallets as physical storage for private keys that grant ownership of crypto.
- He warns that losing the key equals losing the money, like misplacing gold bars but easier.
Party Complaints About UK Backwardness
- Ramin recounts a party conversation where someone berated the UK's slow crypto rules.
- The guest believed other countries had moved faster and UK regulation felt backward.