With retail access restored, crypto exchange-traded notes issuers slash fees to historic lows, signaling an intensifying battle for UK market dominance.
The United Kingdom has opened the floodgates for crypto exchange-traded notes (ETNs) to retail investors — a market that was previously limited to professional traders — sparking a price war among issuers vying for market share, according to the Financial Times.
In a report published on Thursday, the FT said several Bitcoin ETN issuers have slashed their fees to as low as 0.05%, describing the resulting competition as a “cut-throat battle” for investors. Meanwhile, other crypto-linked ETNs continue to charge annual fees of up to 2.5%.
The fee war follows the Financial Conduct Authority’s (FCA) decision to lift its 2021 ban on retail access to crypto-linked funds, a change that took effect on Oct. 8.
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