France’s AMF opens retail access to crypto-backed ETNs on 10 December 2025; requires ≥€10 billion market cap

On 10 December 2025, France’s AMF revised its rules on complex products. The change allows retail investors to access crypto-backed ETNs under strict conditions. Eligible assets must be deeply liquid, have a market value of at least €10 billion, use MiCA-recognized custody, and avoid leverage or discretionary strategies.