European regulators open the door to crypto ETNs: a new opportunity for retail investors

Regulatory developments in Europe mark a major turning point for access to cryptocurrency-related financial products. The French Financial Markets Authority (AMF) has just changed its approach by removing restrictions on the marketing of exchange-traded notes (ETNs) linked to digital assets to retail clients. This revision of prudential rules reflects a growing acceptance of cryptographic instruments by traditional financial institutions.

A regulatory framework in full transformation

The movement initiated by France is part of a broader European dynamic. The United Kingdom is preparing a similar shift, planning to lift its ban on crypto ETNs for retail investors during the last quarter of 2025. These concurrent changes demonstrate a widespread recognition of the potential of cryptocurrency investments, particularly through crypto ETN structures that offer secure exposure to individuals.

The emergence of a rapidly expanding market

In parallel, Nordea announced the launch of Bitcoin-based structured products in December, strengthening its presence in this segment. The market for exchange-traded products (ETPs) linked to digital assets attracts significant volumes. CoinShares, one of the leading managers in the European market in this category, currently controls about one-third of the market with a 32% market share.

Performance in terms of capital inflows is impressive: the platform has attracted $1 billion in net inflows this year alone through its physical vehicles. At the continental level, the crypto ETN market recorded €2.5 billion in net inflows during 2025, reflecting a marked appetite among European investors.

Broadened opportunities for millions of investors

The potential impact of these regulatory openings is considerable in terms of reach. In the UK, easing regulations could give access to more than 14 million active retail investors in this market. In France, about a quarter of the adult population with financial assets could benefit from exposure to crypto ETNs. The Nordic region also presents a significant pool with 9 million private clients who may be interested in these instruments, providing a potential user base for asset managers.

These regulatory shifts are gradually transforming access to cryptocurrency investments, democratizing tools that were once reserved for sophisticated investors.