Part 5/8:
On the regulatory front, the UK’s Financial Conduct Authority (FCA) has lifted a four-year ban on crypto exchange-traded notes (ETNs). ETNs are financial instruments that allow investors to gain exposure to cryptocurrency prices without directly owning the digital assets. Instead, they buy a note—akin to an IOU—that tracks the value of specific cryptocurrencies like Bitcoin or Ethereum. These notes trade on stock exchanges, eliminating the need for wallets, keys, or exchanges, making them especially appealing for institutional and retirement investors. This development effectively makes it easier for traditional pension funds to incorporate crypto exposure into their portfolios.