France's AMF has adapted its regulations to permit retail marketing of crypto-indexed ETNs

France has adjusted its policy to allow the trading of previously banned crypto assets that were deemed too risky for retail participation. The Autorité des Marchés Financiers (AMF) will update its rules to allow certain crypto investment products to be sold to retail investors.

France joins the United Kingdom after the FCA also proposed plans to ease the restrictions on retail access to crypto exchange-traded notes. The French Financial Markets Authority’s (AMF) adjusted rules will allow retail marketing of crypto-indexed ETNs, removing warning-label requirements for eligible products, for the first time since it imposed a ban in October 2025.

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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