PANews reported on June 8th that, according to The Block, the UK Financial Conduct Authority (FCA) proposed in its 52nd quarterly consultation paper to allow authorized investment funds (including UCITS mutual funds and most non-UCITS retail funds) to allocate up to 10% of their assets to crypto exchange-traded notes (crypto ETNs). The FCA emphasized that the 10% cap is intentionally set, and exceeding this percentage could result in the product being classified as a "restricted mass-market investment." There is no cap for accredited investor funds targeting only professional and sophisticated investors, while long-term asset funds and non-UCITS retail funds operating as alternative investment funds will be prohibited from holding crypto ETNs. The consultation will close on July 13th.