Thanks both for your responses.
I’ve actually checked directly with the fund managers (ETC Group) and the distributors (HanETF) and unfortunately both have said this ETP will be impacted by the ban.
This is quite disappointing, however we can still buy into the ETP until 6 Jan 2021 and after that can still continue to hold and sell when we like, but we just can’t buy more.
Could still be worth buying in now if just planning to hold a few units long term, especially as capital gains tax may be going up soon on real crypto held outside an ISA.
Here’s what ETC Group said in their email:
Because of the FCA rule changes, UK retail investors won’t be able to buy products like BTCE from 6 January 2020. Here is our understanding of how things stand:
- Retail investors should still be able to buy products now but some UK brokers jumped the gun and have restricted access to retail investors in anticipation of the new rules coming into effect;
- Retail investors can keep their positions as long as they want and they can, of course, sell their positions whenever they want now and in the future;
- BTCE is very liquid on exchange and this ban is for the UK retail only so we feel the impact on the product long-term will definitely be felt but not significant given how it is passported within so many countries in Europe and traded from around the world.