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UK FCA moves to lift retail crypto ETN ban, allowing listings on approved exchanges.
Musk’s X partners with Polymarket to deliver real-time prediction market insights.
Switzerland to share crypto tax data with 74 nations under OECD-aligned framework by 2026.
The global cryptocurrency market is witnessing major regulatory and market shifts as key players and regulators take decisive actions. The UK Financial Conduct Authority (FCA) has proposed lifting its longstanding ban on exchange-traded notes (ETNs) for retail investors, signaling a potential expansion of consumer access to crypto investment products.
Meanwhile, Elon Musk’s social media platform X has entered a strategic partnership with Polymarket to enhance real-time prediction market insights, further integrating blockchain-powered analytics into mainstream social platforms.
In Switzerland, regulatory progress is shaping international tax transparency, as the Swiss Federal Council advances plans to share crypto tax data with 74 partner countries under the OECD’s Crypto-Asset Reporting Framework (CARF). These developments highlight the evolving nature of the global crypto industry, with regulatory advancements and market collaborations shaping its trajectory.
The United Kingdom’s Financial Conduct Authority (FCA) proposed lifting its ban on cryptocurrency exchange-traded notes (ETNs) for retail investors. In a statement released on June 6, the FCA explained that this step would enable individual investors to access crypto ETNs, provided that these products are listed on FCA-recognized investment exchanges. The regulator highlighted its intention to enable consumers to choose whether high-risk investments, like crypto ETNs, suit their purposes, given the clear risk of potential losses.
Industry experts have stated that the decision is a significant achievement for the UK’s crypto sector. Kraken’s UK General Manager, Bivu Das, emphasized that lifting the ban acknowledges the growing crypto market and that previous restrictions have outlived their usefulness.
Legal and industry experts concur that this proposed modification supports the UK’s goals of becoming a leading jurisdiction for digital assets. Many believe this policy change could enhance consumer protections and indicate that the UK continues to embrace innovation in digital assets.
The FCA is also creating new rules for stablecoins and cryptocurrency custody services. This regulatory progress follows a recent government announcement to implement a comprehensive framework that positions the UK as a leader in the global cryptocurrency sector. The country currently ranks among the top nations for crypto adoption, outpacing other advanced economies.
Elon Musk’s social media platform X announced a partnership with Polymarket, a blockchain-based prediction market. As of June 6, X will officially work with Polymarket to deliver real-time, data-driven insights to users by combining X’s reach, Grok’s AI analysis, and Polymarket’s live prediction data.
Polymarket enables users to wager on different event outcomes with cryptocurrency. This partnership will allow Polymarket to integrate contextual insights from X and Grok, thereby enhancing the user experience. Shayne Coplan, the founder and CEO of Polymarket, stated that this collaboration aims to provide impartial, accurate probabilities and analyses to millions of users. Musk has frequently supported prediction markets as being more reliable than traditional polls, emphasizing that financial stakes make market predictions more significant.
Polymarket saw a record number of new prediction markets in April, despite a recent decline in active traders. Market observers believe this partnership may boost activity and further integrate crypto into mainstream social platforms. X has not yet confirmed whether the platform will introduce direct crypto services. Still, the collaboration signifies a significant advancement at the intersection of social media and blockchain-powered prediction markets.
The Swiss Federal Council has adopted a bill that enables Switzerland to automatically share crypto-related tax information with 74 partner countries. The council’s announcement confirms that the new framework, if approved by Parliament, will take effect in January 2026, with the first data exchanges expected in 2027.
The plan encompasses the United Kingdom, all European Union member states, and nearly all G20 nations, except for the United States, Saudi Arabia, and China. Switzerland is set to adopt the automatic exchange of information (AEOI) standard for crypto assets, as established by the Crypto-Asset Reporting Framework (CARF) of the OECD. Additionally, EU countries will be obliged to adhere to these standards due to the forthcoming DAC8 directive.
The Swiss government will evaluate if partner countries fulfill the required criteria before disclosing any information. This initiative is designed to promote tax transparency, enhance the reputation of the Swiss financial sector, and ensure fairness for domestic cryptocurrency businesses. The council emphasized that Switzerland must join the global Automatic Exchange of Information (AEOI) network to obtain relevant tax data on crypto assets from abroad and to fulfill its international obligations.
