France Eases Retail Crypto Rules as Europe Unlocks Access for Millions

Core Insights - The article discusses the recent regulatory changes in Europe that are facilitating retail access to crypto exchange-traded notes (ETNs), particularly highlighting CoinShares' strategic position in this evolving market [2][4]. Company Overview - CoinShares International Limited is a leading global asset manager specializing in digital assets, recently announcing a merger with Vine Hill Capital Investment Corp [2]. - The company has a significant presence in the European crypto ETP market, holding a 32% share of total regional assets under management (AUM) [3]. Market Developments - The European crypto ETN market is experiencing a growth phase, with record inflows of €2.5 billion year-to-date [4]. - The UK Financial Conduct Authority (FCA) has lifted its retail crypto ETN ban, allowing access to approximately 7 million UK crypto holders [7]. - France's Autorité des marchés financiers (AMF) has adapted its doctrine to permit retail marketing of crypto-indexed ETNs, enhancing market accessibility [7]. Strategic Positioning - CoinShares' physical platform has led the European crypto ETP market with over $1 billion in net inflows year-to-date [3]. - The company aims to leverage its distribution expertise through partnerships, such as with BoursoBank, to reach retail investors as markets open up [4]. Regional Insights - In France, nearly one in four adults now hold financial investments, indicating a growing retail investor base [4][8]. - Nordea, the largest bank in the Nordics, will begin offering CoinShares' Bitcoin ETP starting December 2025, marking a shift in institutional caution [7].