UK FCA consults on allowing retail funds to hold up to 10% in crypto ETNs

The UK's Financial Conduct Authority has proposed letting authorized retail investment funds allocate up to 10% of their assets to crypto exchange-traded notes (ETNs), with the consultation open until July 13. The draft would apply to UCITS and most non-UCITS retail funds, while some professional-investor schemes would face no cap and certain structures would be excluded. Funds would still be barred from holding cryptocurrencies directly and could only access exposure via listed, approved crypto ETNs.