BNP Paribas officially announced that starting today, it will offer 6 crypto-related ETNs to individual and high-net-worth clients in France.

They are packaging the price movements of assets like Bitcoin and Ethereum into a traditional financial product and selling it under the full regulatory framework of MiFID II.
The key point isn't the product itself but the approach.
It provides an alternative way to participate in crypto asset price fluctuations without entering exchanges, touching wallets, or understanding on-chain logic. For many funds restricted by compliance, this is essentially opening a door.
But this door is opened cautiously. What is bought is only a price mapping, not the actual assets themselves. On-chain yields, airdrops, and even the core asset control rights are kept separate.
The risk is reduced somewhat, but so are the opportunities.
So, this is more like a selective acceptance of traditional finance—only embracing volatility, not decentralization itself. It can meet clients' allocation needs without disrupting the existing system.
In my view, this approach will gradually lead to market stratification. Some continue to operate within the full on-chain ecosystem, while others use tools like ETNs to focus solely on price investment. The former is more native, the latter more compliant.
The barrier to entry is indeed lowered, but at the cost of being further away from true crypto.
#法国巴黎银行 #Crypto assets