‘Cut-throat’ battle for crypto ETNs erupts in UK after retail ban lifted

The United Kingdom has reignited competition in its crypto exchange-traded notes (ETNs) market by allowing retail investors access, a move previously restricted to professionals. This policy reversal by the Financial Conduct Authority (FCA), effective October 8, has triggered a fierce price war among issuers, with some Bitcoin ETN fees dropping as low as 0.05%, while others remain as high as 2.5%. Notable fee reductions include 21Shares' Core Bitcoin and Ethereum Core Staking ETPs at 0.1%, Fidelity’s Physical Bitcoin ETP at 0.25%, and CoinShares’ Physical Staked Ethereum ETP with no management fee. This regulatory shift is part of a broader UK strategy to boost its lagging position in global crypto adoption. Furthermore, the Bank of England (BoE) is reportedly softening its stance on strict stablecoin regulations amid concerns that the US is gaining ground following the passage of the GENIUS Act.

(Source：Cointelegraph)