France adjusts retail rules for cryptocurrency ETNs, bringing new changes to the European market

The French Financial Markets Authority (AMF) recently adjusted its policy to allow the retail sale of cryptocurrency index ETNs and removed the warning label requirement for eligible products. This move aligns with the UK's decision to lift the retail crypto ETN ban in October 2025 and the Nordic bank Nordea's plan to offer Bitcoin ETPs in December, marking a regional regulatory shift.

Data shows that CoinShares holds a 32% market share in assets under management in the European cryptocurrency ETP market, with its physical platform seeing net inflows of $1 billion year-to-date. The European cryptocurrency ETN market has recorded €2.5 billion in inflows this year, and these regulatory adjustments broaden the potential market coverage, including 14 million active retail investors in the UK, nearly a quarter of adults in France holding financial investments, and 9 million private clients in the Nordic region.