The French Financial Markets Authority (AMF) announced the easing of restrictions on the marketing of regulated and encrypted currency exchange instruments (ETNs) to individual investors as of 9 December. This policy change was achieved by removing the product warning labels that met the requirements of the revised AMF position 2010-05, which marked France ' s convergence with the broader European trend of expanding access to digital asset products.
Policy context and impact
The adjustment not only opened up new market opportunities for millions of individual investors and asset management companies, such as CoinShares International Limited, but also eliminated specific warning labelling requirements for products that met all designated eligibility conditions. The pace of the country ' s digital assets is gradually accelerating with the discussion in the French Parliament of a pro-encoded bill to include bitcoin and stabilization currency in the national economy, introduced by Éric Ciotti.
Similar initiatives in Europe
Similar regulatory measures are being taken in the United Kingdom and the Nordic countries. For example, the British Financial Conduct Regulatory Authority (FCA) lifted the long-standing retail ban on 8 October 2025, which is expected to open the country ' s market to 7 million encrypted currency holders. At the same time, Nordea, the largest Nordic bank, plans to provide a bitcoin ETP product from Coin Shares starting in December.
Despite the fact that Europe was a pioneer in regulating digital asset space, market fragmentation has been a problem due to significant differences in retail access between countries. However, current trends show signs of a shift towards a more integrated policy environment.
CoinShares Market Opportunities
CoinShares, a global leader in digital asset management, believes that these regulatory changes augur well for its commitment to European markets. The company ' s physical platform, CoinShares Physical, had a net inflow of over $1 billion during the year and had demonstrated its expertise in retail distribution through collaboration with the main French online bank, Bourso Bank.
CEO Jean-Marie Mognetti is optimistic about the regulatory outlook, stating: “The encrypted ETN market in Europe is opening instead of slowing down. The United States was the first to ratify the ETF, but in 2015 we created the first standard bitcoin EP, leading the development in this area. Now, as the policy of coherence in France, the United Kingdom and the Nordic region evolves, we see an increasing number of obstacles being broken every year.”