Europe’s Crypto Policy Unifies as France Eases Retail Crypto ETN Rules

Key Highlights

France’s AMF has eased rules on crypto ETNs, removing mandatory warning labels to expand retail investor access.
This change follows similar regulatory moves in the UK and Nordics, signaling a growing policy trend across Europe.
The shift is expected to boost the addressable market for digital asset managers like CoinShares.

France’s financial regulator, the Autorité des Marchés Financiers (AMF), has eased restrictions on marketing regulated cryptocurrency Exchange-Traded Notes (ETNs) to individual investors. The move, announced on December 9, was accomplished by eliminating the need for warning labels on products that complied with the revised AMF Position 2010-05.

By bringing France into line with the broader European trend of expanding access to digital asset products, this policy change will open up market opportunities for millions of individual investors and asset managers like CoinShares International Limited.

The retail promotion of crypto-indexed ETNs is now permitted by the AMF’s revised official doctrine. This removes the specific warning label requirement for those products meeting all specified eligibility conditions under the regulator’s updated Position 2010-05.

In October, the French Parliament was debating a pro-crypto bill, introduced by Éric Ciotti, aimed at integrating Bitcoin and stablecoins into the national economy. The bill proposes creating a national Bitcoin reserve, i.e., equal to 2% of total supply, promoting the use of euro-based stablecoins for daily transactions, and supporting domestic crypto mining.

Despite being the first comprehensive crypto legislation proposed in France, its passage faces a challenge due to the opposition party’s small representation in Parliament.

It comes as part of an expanding trend across the continent where major financial institutions and regulators are increasing access to the crypto ETP market. CoinShares, the leading global digital asset manager, welcomed the decision as proof that its commitment to the European market was well-placed.

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.