France opens retail access to crypto ETNs as Europe's regulated market expands

France's financial regulator, the AMF, took a significant step by authorizing the retail marketing of crypto-indexed exchange-traded notes (ETNs). This decision waives warning labeling requirements for products that meet certain conditions, opening up new opportunities for investors.

The AMF's Authorization and Its Significance

Analyst Raphaël Bloch noted that this authorization is a long-awaited milestone for the industry. It comes just two months after the UK FCA approved a similar decision. The AMF updated its doctrine on complex financial products by integrating crypto-backed ETNs without lowering investor protection standards.

Four Conditions for Access to Retail Trading

The French AMF established four cumulative conditions that must be met to qualify for retail trading of crypto-ETNs:

1. Market Capitalization: The underlying crypto assets must have a market capitalization of at least €10 billion.
2. Average Daily Trading Volume: Assets must have an average daily trading volume of at least €50 million over the past 30 days.
3. Trading on Authorized Platforms: Assets must be traded on platforms authorized under MiCA (the CryptoAssets Regulation).
4. Product Structure: Products must not use leverage or discretionary components. Exposure to cryptocurrency must be achieved through direct ownership of the ETN issuer, securities issued or guaranteed by regulated entities, or other regulated instruments. All custodial services must be provided through authorized MiCA custodians.

Market Expansion in Europe

The lifting of restrictions on retail cryptocurrency exchange-traded funds (ETNs) in the UK on October 8, 2025, opened access to approximately 7 million UK crypto holders. Additionally, Nordea, the largest bank in the Nordic region with €648 billion in assets, will begin offering Bitcoin ETPs from CoinShares starting in December 2025.

ETN Inflows in Europe

ETN inflows in Europe have reached a record high, reaching €2.5 billion since the beginning of the year. This occurred amid lower regulatory barriers and growing interest in crypto assets. New opportunities opened by the AMF and FCA decisions are expected to further support the development of the crypto market in Europe.

In conclusion

Thus, the opening of retail access to crypto-ETNs in France and other European countries indicates the growing recognition of cryptocurrencies as a legitimate financial instrument and could lead to significant changes in the market.