The UK Financial Conduct Authority (FCA) has put forward a proposal that would permit regulated retail investment funds to allocate as much as 10% of their total assets to exchange-traded notes (ETNs) associated with cryptocurrencies. This move comes amid caution from the regulator, which believes that a greater investment in such speculative assets is inappropriate. Furthermore, the FCA is not considering allowing authorized funds to make direct investments in cryptocurrencies at this time.