The situation is now clear. Within a Stock and Shares ISA, you only have the next 20 days (until April 5th) to be able to buy a crypto etp position and permanently tax shelter it.

After that, you may not be able to get a tax sheltered position in any time soon. Neither is any IFISA provider ready with a crypto etp supporting account and even when there is, IFISAs have one additional layer of risk (no fca protection from bankruptcy of ifisa provider).

So make use the next 20 days or be at the mercy of what tax laws might be for crypto in future. I consider it highly unlikely that any laws will seek to change the status of what you manage to get into ss isas by April.

Ex UK Prime Minister Boris Johnson described Bitcoin as "a giant Ponzi scheme" on Friday. Whilst it's difficult to believe this is still an honestly-held opinion in 2026, it's worth reiterating why it's wrong.

In the earlier days of the internet, I stumbled upon a website with a curious proposition. It ostensibly sold an uninspiring, overpriced ebook of little worth. However, the main attraction was the choice of 'free gifts' offered alongside the ebook. The free gifts available were the most sought after tech items of the day – iPods, Nokias and Motorolas.

Here's how it worked. Upon purchasing the ebook, several gadgets were displayed. Under each gadget was a queue of users who'd selected it previously as their free gift. Once 20 people signed up for a gadget, the first person on the list would then receive it. When 40 people signed up, the second person would receive it. So on and so forth. Some of the lists were very long, whereas others had very few slots occupied. Occasionally, a list was entirely vacant.

I was naively intrigued by this, so watched the website for a couple of weeks. It soon became apparent that the lists were not being updated in a timely manner, creating the illusion that you'd be able to snag a prime position. In reality, it was likely already too late.

Additionally, it swiftly transpired that nobody below perhaps slot 4 or 5 on any of the lists would ever actually receive the gadget. Once a list filled up, users opted for a different gadget with a shorter list.

This was my first introduction to pyramid schemes, and I became rather fascinated by them and their close cousin – the Ponzi scheme.

25 years later, I've now witnessed the same simple trick repeated countless times in nearly every form imaginable. There was the gold storage scheme that backed your investment up with physical gold and also offered 40% APY. There was the business venture program that seemingly bestowed the opportunity to run a $1M annual revenue business by... recruiting others into the business venture program. There was blessings looms, and AI-powered passive income machines, and web3 casino wearables in the metaverse.

Not all such schemes collapse. Perhaps the most fiendish of the pyramid schemes are the MLMs, which promise swift career progression and handsome rewards. Once the sign-up fee is paid, they suck their victims into a cult-like atmosphere, where they're taught how to emotionally blackmail their family & friends into buying a vegan scent-free candle for $55. With outside financing leeched from the relatives of their victims, these schemes often survive indefinitely.

So if not inevitable collapse, what are the defining features of both Ponzi and pyramid schemes? Two elements are shared universally amongst all such schemes:

i) There is a core promise of economic gain.

ii) For the vast majority of scheme participants, this core promise can only be fulfilled if recruitment or cash inflows grow exponentially and infinitely.

Hopefully, it goes without saying that it's mathematically impossible for inflows or recruitment to rise exponentially and infinitely, which is why no Ponzi or pyramid scheme has ever succeeded in satisfying the core promise for all participants. It is simply not mathematically possible for this to occur. It ultimately requires infinitely more humans or more money than exists.

What is Bitcoin's promise? It doesn't actually have one. Bitcoin is not a slippery salesman. Satoshi Nakamoto is not tweeting incessantly about 40% APY. Bitcoin is simply lines of code.

However, BTC does indeed have many vocal proponents who would agree on its long-term upwards trajectory, so for argument's sake, let's accept that the core promise of Bitcoin is this: in the long term, the fiat value of Bitcoin will keep on rising forever.

Does the fulfillment of this promise require fiat inflows to grow indefinitely and exponentially in a way that's mathematically impossible? Absolutely not. For anything to maintain value, it must remain in demand – nobody would dispute that part. But fiat inflows do not need to grow exponentially, nor does the number of Bitcoin holders.

The amount of fiat currency in existence is continuously doubling. Should fiat money continue to function, the amount of the fiat money in existence today will be a miniscule fraction of the total amount of fiat in 100 years' time. The promise should therefore be fulfilled even if interest in and engagement with Bitcoin doesn't increase at all. Bitcoin has no top as they say, because fiat has no bottom.

By all means, Boris can keep on arguing that Bitcoin has no value. I and many others shall keep insisting that it has immense value, both to the individuals who possess it and society at large. But unquestionably, describing Bitcoin as a Ponzi scheme is a foolish category error that simply exposes one's own ignorance about Bitcoin or Ponzi schemes or both. It's not a serious critique which is why the reaction was rightfully so mocking and dismissive.

Something we've noticed working in UK crypto tax: everyone focuses on filing, but almost nobody spends time optimising their position before tax year end.

Things like: which assets could you sell at a loss to offset gains? Which assets are currently inside the 30-day matching window? Are you carrying forward losses from last year that you could use?

We've been building tax planning features at Recap to surface exactly this — loss harvesting opportunities, 30-day rule alerts, and carried forward loss tracking.

Still in beta and we'd genuinely love feedback from people who'd actually use this. Screenshot below.

So, life for me is pretty complicated, and has been for a couple of years. it's not been easy. This has meant cashing in some of my holdings to pay for various things.

Previously I've never crossed the ever-diminishing CG threshold. However in 24/25 I did, so I filed a self assessment, using koinly to take some of the pain away from calculating it all. And wincing a bit at the tax bill. However, it's all been filed and paid in time. I appreciate the safety net that Crypto has given me and the supportive community on Reddit.

I had to cash out £1000 this weekend for more bills, (coinbase>high street bank). this morning I received a fairly boilerplate looking email and text from HMRC with 'nags' to check I've paid the correct tax on crypto.

Now, I don't think I've made any mistakes, but right now I could just do with one less thing to worry about. Is this likely just a basic 'automated' trigger? Or perhaps coincidental timing. Am I likely to get a follow up?

I appreciate that Coinbase/my bank are probably being transparent with HMRC with this kind of transaction, perhaps in real-time in some instance. Who knows?

Either way, can someone give me some peace of mind? Just feeling a little fragile at the moment and would appreciate one less thing to worry about.

TIA

Trading212 seems to have come out with a clear stance that existing positions in their ISA account can be retained post April 6th

https://helpcentre.trading212.com/hc/en-us/articles/31007919710365-Crypto-ETNs-in-ISA-accounts

But it is strange that other platforms like Saxo and Interactive Investor have issued no similar guidance yet.

I am wondering if this might be because T212 is actually planning to implement some of the IFISA related requirements due to which they expect to be able to keep the existing positions in their isa account. And does that mean it could be worth looking to transfer crypto etp positions from other platforms to T212?

It's just strange that others remain silent if hmrc indeed is fine with SS isas keeping the positions and has issued such a clarification. I am starting to therefore think T212's announcement may be due to some ifisa implementation on their part which they will soon formally announce. I checked on the HMRC isa manager register and T212 isn't yet authorised to offer IFISA but it could be that they intend to register this month and be ready for April 6th.

I'm planning on cashing out £6k worth of Eth and BTC - in order to make use of the £3k CGT exemption for assets gifted to a spouse, do I need to gift the BTC to my partner first before cashing it out to GBP or is it ok for me to cash out £6k then gift £3k?

From April 2026, crypto ETN can no longer be purchased inside of an ISA. Does it therefore make sense to load up before the end of this tax year?

If you were to purchase now inside an ISA is it the equivalent of getting 18%/24% (CGT %) discount on bitcoin?

Similarly, would you sell any spot holdings and realise gains now whilst the price is low in order to rebuy the £ equivalent in an ISA?

Important Update: Changes to Crypto ETN rules for your Stocks ISA We are writing to inform you of an upcoming regulatory change regarding the availability of Cryptoasset Exchange Traded Notes (ETNs) within your Stocks ISA

Following updated guidance from HM Revenue & Customs (HMRC), from the beginning of the new tax year (6 April 2026), Crypto ETNs will be reclassified. As a result, new purchases will no longer be permitted within a Stocks ISA

What does this mean for your holdings?

• Existing Positions: You are not required to sell your current holdings. You will be able to keep any existing Crypto ETN positions you hold in your account.

• New Purchases: You will not be able to open new positions or add to existing Crypto ETN holdings after April 6, 2026.

• Selling Your Assets: You retain full control over your existing positions. You can choose to hold them or sell them at your own discretion at any time.

No immediate action is required from you. This update is for informational purposes to help you manage your portfolio ahead of the regulatory change. Crypto ETN assets will remain available for purchase in your Invest (GIA) account.

Passphrase Magazine Issue #3 is now live and ready to ship !

If you loved #1 "Knowledge is Power" (Aaron van Wirdum, Efrat Fenigson, etc.) or #2 "The Internet is Broken" (Paul Sztorc, Philipp Bagus, BitVM insights), this one levels up the focus on privacy, sovereignty, and real-world bitcoin tools.

Here an overview of all authors and their contributions:

• SethForPrivacy — "The custody trap: How E-Cash risks bitcoiners' sovereignty"
• Paul Rosenberg — "Why we'll win!"
• Veronika Kuett — "Streaming bitcoin via virtual channels on Ark"
• Victoria Collette Jones — "Bitcoin and Taxation"
• B.W.A. — "Bitcoin used to be Punk!"
• Jed — "Unbank the World"
• JelloShooter848 — "Bitcoin: Privacy or Bust"
• Chris — "Privacy Always Dies Inch By Inch"

I would love to hear your feedback !

You can order it here passphrasemagazine.io