The UK FCA's easing of Bitcoin access still faces multiple barriers

According to Forbes, although the UK's Financial Conduct Authority (FCA) lifted the retail ban on cryptocurrency exchange-traded notes in October 2025, actual access remains subject to multiple restrictions.

Bitcoin ETNs are classified as "restricted retail market investments," requiring investors to go through processes such as risk warnings, suitability tests, and cooling-off periods, and they do not benefit from the Financial Services Compensation Scheme protection. In addition, major banks like HSBC and Barclays have imposed limits on transfers to cryptocurrency exchanges, with some banks even directly blocking related transactions.

The head of European financial institutions at Bitwise Asset Management stated that the FCA's "same risk, same regulation" principle is too vague, conflating Bitcoin with speculative tokens, which forces investors to turn to offshore platforms with weaker regulations.

Starting from April 2026, cryptocurrency ETNs cannot be included in mainstream ISA tax-free accounts and can only be held in innovative finance ISAs, further restricting tax-advantaged holding channels. Critics point out that regulatory measures intended to reduce risk are instead pushing investors into higher-risk environments, contrary to the original intent of consumer protection.