Regulated exposure to digital assets is accelerating across Europe and in particular in France as crypto ETN products gain formal backing from key supervisors including the AMF and FCA.
France relaxes stance on retail marketing of crypto indexed ETN
France’s financial regulator, the Autorité des marchés financiers (AMF), has authorized the retail marketing of crypto-indexed exchange-traded notes, removing mandatory warning labels for products that meet strict eligibility criteria.
The move comes as part of an updated doctrine on complex financial instruments, designed to integrate crypto-backed ETNs without weakening investor protection.
Analyst Raphaël Bloch described the decision as a milestone the digital asset industry had been waiting for, especially as it arrives two months after the UK Financial Conduct Authority (FCA) shifted its position on similar products. However, the French green light is far from unconditional and hinges on four cumulative requirements that issuers must meet.
Four cumulative conditions set by the AMF
The AMF framework imposes quantitative thresholds on underlying crypto-assets. Each referenced asset must maintain a market capitalization of at least €10 billion and an average daily trading volume of at least €50 million over the previous 30 days.
Moreover, these assets must trade exclusively on platforms authorized under the MiCA regime, reinforcing alignment with the European Union’s new regulatory standards.
Product design is also tightly controlled. The regulator requires that the ETN structure include no leverage or discretionary management components, keeping products as transparent as possible for retail buyers.
That said, exposure to cryptocurrency must occur only through direct holding by the ETN issuer, securities issued or guaranteed by regulated entities, or other instruments already supervised within the financial system.
All custody services tied to these structures must be provided by MiCA-authorized custodians. This last condition aims to reduce operational and counterparty risk in a segment often criticized for weak safeguards.
Together, the criteria create a narrow but clearly defined path for compliant ETN crypto offerings in the French market.
UK lifts retail ban as Nordic banks move into listed crypto products
The European policy shift is not limited to France. The UK FCA formally lifted its ban on retail access to crypto ETNs with effect from October 8, 2025, potentially opening the door to approximately 7 million UK crypto holders.
While the United States focused on spot ETFs, British regulators have now joined continental peers in building a rules-based environment for listed digital asset instruments.
Reflecting that change, Nordea plans to offer CoinShares‘ Bitcoin ETP starting in December 2025. The Nordic region’s largest bank, with €648 billion in assets under management, intends to distribute the product to its broad retail and private client base across Finland, Sweden, Norway, and Denmark.
Moreover, Nordea already serves more than 9 million private clients, providing a powerful distribution channel as regulated retail crypto access expands.
This combination of regulatory clarity in the UK and institutional involvement in the Nordics adds further depth to the European listed digital asset ecosystem. However, local rules still diverge, and cross-border investors may face different eligibility standards depending on their jurisdiction.
Record flows into regulated crypto ETN in France
Against this backdrop, demand for listed digital asset exposure has accelerated. Year-to-date, European crypto ETN inflows have reached a record €2.5 billion, underscoring how investors are migrating toward regulated vehicles as policy barriers recede. CoinShares’ physical platform has led the regional crypto ETP segment, capturing more than $1 billion in net inflows over the same period.
According to the company, it now commands a 32% share of total regional assets under management, positioning itself as a central player in the evolving market.
Although the United States set the agenda with early approvals of spot crypto ETFs, Europe actually pioneered the space by launching the first regulated Bitcoin ETP in 2015. The challenge since then has been structural fragmentation, with each country imposing its own detailed requirements for retail entry.
The latest changes in France and the UK therefore mark important steps toward a more harmonized landscape.
Retail investor bases in France and the United Kingdom
The potential addressable market for regulated digital asset products is substantial. The United Kingdom counts around 14 million active retail investors, a pool that could increasingly consider listed crypto instruments once they are offered via mainstream brokers and banks.
France has also seen rising engagement, with approximately one in every four residents now holding some form of financial investment.
As more banks and fintechs connect to compliant infrastructure, these demographics become crucial for issuers of crypto-linked notes and exchange-traded products. Moreover, France’s revamped AMF rules give domestic savers a clearer framework for participating in the sector through regulated channels, rather than turning to unregulated offshore platforms.
CoinShares strengthens distribution as markets open
To capitalize on the shift, CoinShares has announced a strategic partnership with BoursoBank, widely regarded as France’s leading online bank.
The collaboration aims to deliver regulated digital asset exposure directly to French retail investors as the local regime for crypto-indexed ETNs comes into force. For CoinShares, the alliance complements its existing footprint with major European intermediaries.
The firm already ranks among the world’s top digital asset managers, standing alongside names such as BlackRock, Fidelity, and Grayscale.
That said, the competitive landscape is intensifying as global asset managers, banks, and specialized issuers all race to capture market share in Europe’s rapidly formalizing crypto-note segment.
Within this environment, the specific conditions set by the AMF, combined with the UK’s decision to lift restrictions on certain listed products, suggest that regulated demand for crypto etn structures may continue to rise. However, long-term growth will depend on consistent supervision, robust custody arrangements, and investor education across the continent.
Overall, France’s regulatory opening, the UK FCA’s October 8, 2025 policy shift, and Nordea’s December 2025 launch of a Bitcoin ETP illustrate how Europe’s digital asset market is maturing.
As more jurisdictions clarify rules and more banks distribute listed crypto instruments, regulated access is likely to expand, even as authorities keep tight control over product design and underlying asset quality.
Source: https://en.cryptonomist.ch/2025/12/10/crypto-etn-france-uk/
