France’s AMF Opens Crypto Floodgates: Retail Investors Can Now Access Crypto-Indexed ETNs
France just tore down a major barrier between Main Street and crypto markets. The Autorité des Marchés Financiers (AMF) rewrote the rulebook, greenlighting the retail marketing of crypto-indexed Exchange-Traded Notes (ETNs). This isn't just a policy tweak—it's a direct line for everyday investors to gain exposure to digital assets through a regulated, familiar wrapper.
The Regulatory Pivot
For years, these products were largely confined to the professional sphere. The AMF's adaptation signals a stark recognition: demand is real, and locking retail out is no longer tenable. It's a calculated move to bring crypto speculation into the daylight of regulated markets, offering an alternative to navigating unregulated offshore exchanges. One less excuse for the traditional finance crowd to sit on the sidelines.
What This Actually Means
Think of it as a bridge. Instead of buying Bitcoin directly, a retail investor in France can now walk into their brokerage and buy a note that tracks its performance. It's cleaner, simpler, and for many, feels safer. The AMF isn't endorsing the volatility of crypto itself; it's endorsing a structured, monitored vehicle to ride that wave. It’s finance’s classic move: repackage the risky thing until it looks respectable.
The Ripple Effect
Watch other EU regulators. France, with its influential AMF, often sets a precedent. This could pressure neighboring watchdogs to follow suit or risk seeing capital flow to Paris. It legitimizes the entire asset class by baking it into the core of a G7 nation's financial system. The cynical jab? It’s the same old story—the institutions that once mocked crypto are now racing to sell you a fee-laden product that tracks it.
The move is a watershed. It cuts through the red tape that kept crypto niche and bypasses the gatekeepers of traditional finance. For bullish practitioners, it's pure validation: the future isn't coming; it's being listed on an exchange.
What changed in France’s crypto regulations?
Regulators and major financial institutions across Europe are moving to expand retail investor access.
Following the report, CoinShares revealed that its physical platform led the European crypto ETP market with over $1 billion in net inflows year-to-date.
“The U.S. led with spot ETF approvals, but Europe pioneered this sector, which we created with the first regulated Bitcoin ETP in 2015.” Jean-Marie Mognetti, the CEO of CoinShares, explained.
He went on to say that the challenge has been the retail access rules, which vary dramatically from country to country and have prevented consistent adoption despite Europe’s ten-year head start.
The AMF’s adjusted rules relate to the nature of crypto assets, like Bitcoin, Ether, and other crypto assets that meet requirements in terms of capitalization, average trading volume, and the regulated nature of the platforms where these crypto-assets can be traded.
The AMF plans to review this change in policy in the first half of 2027.
The UK is also changing its crypto investment rules
Cryptopolitan previously reported that the Financial Conduct Authority intends to establish clearer distinctions between retail and professional investors as part of an initiative to strengthen Britain’s investment culture. The FCA announced its package of measures on December 8, aimed at giving firms more confidence when dealing with experienced clients.
Under the proposals, firms will be able to operate with professional investors outside the restrictions of retail regulations, including the Consumer Duty. Only individuals with at least £10 million in cash can opt out of consumer duty protections, while firms must demonstrate that clients provide informed consent to this arrangement.
For ordinary investors, the FCA is replacing the European Union Packaged Retail and Insurance-based Investment Products (PRIIPs) and UCITS disclosure requirements with a new Consumer Composite Investments regime built around Consumer Duty principles. The new framework will take effect on June 8, 2027.
“Today’s measures support investment risk culture right along the spectrum, ensuring retail customers receive material that informs and engages them, while giving professional markets a brighter line defined by contracting parties, informed consent, and proportionate oversight.” Simon Walls, the executive director of markets at the FCA, said.
Following the UK’s crypto ETN decision, the London Stock Exchange listed several crypto ETNs from issuers such as 21Shares, WisdomTree, and ETC Group, which were previously available only to professional investors.
These products can now be accessed by retail investors through regulated platforms. Crypto ETNs are also eligible to be held within pension schemes and Stocks & Shares ISAs. However, from April 2026, they will only qualify for inclusion within Innovative Finance ISAs.
Nordea, Europe’s largest bank with €648 billion in assets under management, is set to offer CoinShares’ bitcoin ETP starting in December 2025.
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