UK FCA đề xuất giới hạn 10% đối với các quỹ được cấp phép đầu tư vào Crypto ETNs

The Huoxing Finance report states that the UK Financial Conduct Authority (FCA) has proposed allowing authorized investment funds (including UCITS schemes and most non-UCITS retail schemes) to allocate up to 10% of their assets to cryptocurrency exchange-traded notes (ETNs). This proposal is included in the FCA’s 52nd consultation paper, with a five-week period for public and institutional feedback, ending on July 13. The FCA stated that this move aims to close the regulatory gap between individual retail investors and authorized funds. Since the FCA lifted its four-year retail ban on cryptocurrency ETNs in August 2025, individual investors have been able to invest directly in ETNs, but funds were previously subject to an “effective ban.” The FCA emphasized that the 10% cap is deliberately set; exceeding this threshold could force funds to be reclassified as restricted collective investment products, jeopardizing their status as retail funds. Under the proposal, professional and qualified investor schemes are exempt from the cap; long-term asset funds and non-UCITS retail schemes operating as alternative investment funds will be excluded. The FCA noted that cryptocurrencies are inconsistent with the investment objectives of these funds. Industrially, the Investment Association of the UK supports the proposal, arguing that accessing crypto assets through regulated listed products offers controllable risk, and the 10% cap helps manage fund risk. Fund managers must ensure holdings align with the fund’s disclosed investment objectives and risk profiles, and disclose significant crypto ETN positions. The FCA emphasized that it is still not considering authorizing funds to hold crypto assets directly for investment purposes, and will make a decision after assessing the impact of the upcoming crypto asset regulatory regime and client asset protection rules.