Forbes: Multiple barriers remain behind the UK FCA's relaxation of Bitcoin access.

PANews reported on March 26th that, according to Forbes, although the UK 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 mass market investments," requiring investors to undergo risk warnings, suitability tests, and cooling-off periods, and they are not covered by financial services compensation schemes. Furthermore, major banks such as HSBC and Barclays have imposed restrictions 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 general, conflating Bitcoin with speculative tokens and forcing investors to turn to less regulated offshore platforms. From April 2026, crypto ETNs will be ineligible for mainstream ISA tax-free accounts, only allowed to be held in innovative financial ISAs, further restricting tax-advantaged holding channels. Critics point out that regulatory measures intended to reduce risk have instead pushed investors into a riskier environment, contradicting the original intention of consumer protection.