A new price war has erupted among crypto exchange-traded note (ETN) providers in the United Kingdom after regulators officially lifted the retail investment ban, according to the Financial Conduct Authority’s (FCA) newly published Crypto Roadmap.
Major issuers are now slashing management fees to record lows, with some products reportedly undercutting 0.15%, as they scramble to secure market share ahead of an anticipated surge in retail participation. Market insiders described the shift as a “cut-throat battle” for dominance in what could soon become one of Europe’s most active regulated crypto markets.
FCA Roadmap Opens the Door for Retail Access
The FCA’s detailed Crypto Roadmap, released this week, marks a major policy reversal following years of restrictive oversight. The document outlines a multi-phase rollout for crypto regulation through 2026, covering everything from stablecoin issuance and custody to staking rules, lending disclosures, and prudential standards for institutional exposures.
The roadmap confirms that trading platforms, intermediaries, and staking providers will face new conduct and governance rules beginning in Q3 2025, with final policy statements due by early 2026, just as the retail “gateway” officially opens.
Under the framework, crypto ETN issuers are required to meet transparency, recordkeeping, and segregation of asset standards similar to those imposed on traditional financial instruments. This alignment with broader market conduct rules is expected to accelerate institutional adoption while giving retail investors safer access to regulated crypto products.
Market Players Slash Fees to Gain First-Mover Advantage
With the retail ban lifted, London’s top financial institutions and crypto asset managers are moving fast. Several issuers, including European firms that already operate under the EU’s MiCA regime, have announced deep fee reductions and simplified product structures to capture inflows from U.K.-based investors.
Industry sources told Crypto Briefing that the FCA’s decision is sparking a “fee-compression race,” as firms seek liquidity and listings on major exchanges like the London Stock Exchange and Cboe Europe Digital. Some providers are even offering introductory fee waivers to institutional partners, setting up an intense year-end competition for assets under management.
What Comes Next
Analysts say the FCA’s roadmap signals the U.K.’s intent to reclaim its role as a global crypto finance hub after several years of caution. By 2026, regulators expect a “gateway readiness” period to fully integrate crypto platforms, staking services, and ETNs into the country’s financial infrastructure.
For investors, the message is clear: access is expanding, costs are falling, and the battle for crypto exposure in the U.K. is officially underway.
The FCA’s move puts the country in direct competition with Switzerland and the EU, both of which have recently strengthened regulatory clarity for crypto investment products. As this new phase begins, all eyes are on London to see if it can balance innovation and oversight, and finally deliver the retail crypto market it once banned.