France Breaks Ranks: Retail Crypto ETN Rules Ease as Europe’s Policy Unifies

Paris just flipped the script. While Europe marches toward crypto harmony, France is sprinting ahead—slashing barriers for everyday investors to access crypto exchange-traded notes.

The Regulatory Thaw

Forget the old guard's hesitation. French authorities are cutting red tape, letting retail traders bypass previous restrictions that kept crypto ETNs in the institutional lane. It's a direct play for market relevance, a move that says 'adapt or get left behind.'

A Continent Gets Its Act Together

This isn't an isolated play. France's pivot signals a broader, quiet consensus forming across the EU—a unified front is emerging from the regulatory fog. Other capitals are watching, likely drafting their own versions of 'competitive liberalization.'

The Bottom Line

More access means more capital flowing in. It validates the asset class for the skeptical masses and pressures lagging jurisdictions to catch up. For traditional finance? Another gentle nudge toward irrelevance—turns out, people prefer assets that don't require a permission slip from a legacy bank.

UK and Nordics set continental precedent

France’s MOVE follows similar regulatory developments across the continent. In the United Kingdom, the Financial Conduct Authority (FCA) lifted its long-standing retail ban on crypto ETNs, effective October 8, 2025, a change estimated to open the market to the nation’s 7 million crypto holders.

As institutional caution regarding the asset class starts to change, Nordea, the biggest bank in the Nordics, announced plans to start offering CoinShares’ bitcoin ETP in December 2025.

The market has historically suffered from fragmentation, even though Europe was a pioneer in the regulated digital asset space, with the first regulated Bitcoin ETP launching in 2015.  Consistent, widespread adoption throughout the continent was hampered by the stark differences in retail access between nations. 

This fragmentation created a challenge even as the US market recently saw a major acceleration with the approval of spot Bitcoin Exchange-Traded Funds (ETFs). The current moves, however, indicate a shift toward a more unified policy environment.

Regulatory change expands market

The regulatory relaxation is expected to substantially expand the addressable market for crypto ETNs in Europe, which has already seen record year-to-date inflows totaling €2.5 billion. The expanded access involves some of Europe’s largest markets: the UK is home to over 14 million active retail investors; France has seen a surge in participation, with nearly one in four adults now holding financial investments; and Nordea serves more than 9 million private customers across four Nordic nations.

CoinShares is likely to benefit from this expansion. The firm’s physical platform, CoinShares Physical, has seen over $1 billion in net inflows year-to-date. The company actively focuses on retail distribution expertise, which is evidenced by its partnership with BoursoBank, a leading online bank in France. 

Europe’s opportunity is just beginning

The ongoing policy changes suggest that Europe’s market for global investors, once fragmented, is becoming fully accessible. The convergence of regulatory policy across France, the UK, and the Nordics signals a new phase of growth for European digital asset products. 

Jean-Marie Mognetti, CEO of CoinShares, provided an optimistic assessment of the regulatory landscape, stating, “Europe’s crypto ETN market is opening up, not slowing down. The U.S. led with an ETF approvals, but Europe pioneered this sector, which we created with the first regulated Bitcoin ETP in 2015. The challenge has been fragmentation: retail access varied dramatically country by country, preventing consistent adoption despite Europe’s ten-year head start.”

Mognetti added about lesser barriers, “What we’re seeing now in France, the UK, and the Nordics is that a cohesive unified policy is beginning to take shape, with more and more barriers breaking down every year. For global investors, Europe’s opportunity isn’t behind us, it’s just becoming accessible. CoinShares built this market and we intend to lead it. Our partnership with BoursoBank, France’s leading online bank, is a case in point, we have the distribution expertise to reach retail investors as these markets open up.”

The easing of French rules reinforces the overall trend toward a more integrated and accessible investment landscape for digital assets across the continent.

Also Read: Europe Shuts Down €1.3B CryptoMixer in AML Operation