There are still multiple barriers behind the UK's FCA's relaxation of Bitcoin access

According to Forbes, although the UK's Financial Conduct Authority (FCA) lifted the retail ban on crypto exchange-traded notes in October 2025, actual access is still subject to multiple restrictions. Bitcoin ETN is classified as a "restricted mass market investment". Investors are required to go through processes such as risk warnings, appropriateness tests and cooling-off periods, and are not protected by the Financial Services Compensation Plan. In addition, major banks such as HSBC and Barclays impose restrictions on transfers to crypto exchanges, and some banks even directly block related transactions. The head of European financial institutions at Bitwise Asset Management said the FCA's "same risk, same regulation" principle is too general, confusing Bitcoin with speculative tokens, forcing investors to turn to less regulated offshore platforms. Starting from April 2026, encrypted ETNs cannot be included in mainstream ISA duty-free accounts and can only be deposited in the Innovative Financial ISA, further restricting the channels for holding tax advantages. Critics point out that regulatory measures intended to reduce risks actually push investors into a riskier environment, contrary to the original intention of consumer protection.