Last updated on April 23rd, 2026 at 11:45 am
In October 2025, the Financial Conduct Authority (FCA) lifted its four-year ban on retail access to crypto ETNs tied to major digital assets like Bitcoin and Ethereum. Initially, investors could hold these products within standard stocks-and-shares Individual Savings Accounts (ISAs), allowing for tax-free exposure to crypto markets.
UK fintech platform Stratiphy has unveiled a new offering designed to restore retail investors’ access to crypto exchange-traded notes (ETNs) through a tax-efficient route, following a series of regulatory changes that had effectively blocked participation.
At the start of the new tax year, HM Revenue & Customs (HMRC) ruled that new crypto ETN purchases would no longer qualify for traditional ISAs. Instead, eligibility was restricted to Innovative Finance (IF) ISAs, a less common investment wrapper typically associated with peer-to-peer lending, leaving investors with limited practical access.
Stratiphy bridges the access gap
Stratiphy’s new product aims to solve this bottleneck by combining IF ISA eligibility with crypto ETN offerings in a single platform. The firm is launching three ETNs issued by 21Shares, providing exposure to Bitcoin, Ethereum, and a hybrid Bitcoin-gold strategy.
This effectively reopens a tax-free pathway for UK retail investors who had been locked out due to the mismatch between available investment platforms and ISA eligibility rules.
While crypto ETNs remain accessible through platforms like Interactive Investor, Freetrade, and Revolut, none currently offer IF ISAs. Additionally, IF ISA investments do not fall under the UK’s Financial Services Compensation Scheme, adding a layer of risk for investors. Meanwhile, Trading 212 offered crypto ETNs to UK retail investors without FCA approval, correcting the issue only after regulatory contact.
Regulation evolves as market interest grows
The renewed access comes amid rising institutional and retail interest in regulated crypto products. A 2025 report by IG Group projected that the UK crypto market could expand by up to 20% following the reintroduction of ETNs, with nearly 30% of adults expressing interest in investing via regulated instruments.
At the same time, the FCA is continuing to shape the long-term regulatory landscape. The regulator has launched consultations on its upcoming crypto framework, set to take effect in October 2027, covering areas such as stablecoins, custody, trading, and staking. Under the proposed rules, firms operating in the sector will be required to secure FCA authorization.
Enjoyed this piece? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and Coin MarketCap Community for seamless access to high-quality industry insights.
“Take control of your crypto portfolio with DeFi Planet PRO, DeFi Planet’s suite of analytics tools.”
