UK fintech platform Stratiphy has launched a new offering that provides a practical tax-free route for investors back into crypto exchange-traded notes (ETNs), after recent regulatory shifts had effectively closed off access. The move comes after a series of changes to UK rules that first opened, then restricted, retail access to these crypto-linked products.
In October 2025, the Financial Conduct Authority (FCA) lifted its four-year ban on retail access to crypto ETNs tied to assets like Bitcoin (BTC) and Ether (ETH). Initially, these products could be held in standard stocks-and-shares Individual Savings Accounts (ISAs), providing tax-free exposure. However, at the start of the new tax year, HM Revenue & Customs (HMRC) ruled that new purchases of crypto ETNs would no longer qualify for those ISAs. Eligibility was instead limited to Innovative Finance (IF) ISAs, a niche wrapper typically used for peer-to-peer lending. No platform offered both, creating a dead end for investors seeking access.
Stratiphy’s launch now reopens that route by offering three ETNs issued by 21Shares, covering Bitcoin, Ether, and a blended Bitcoin-gold product. The ETNs are available through IF ISAs, which remain eligible for tax benefits after the authorities tightened rules earlier this year.
Other UK platforms, such as Interactive Investor, Freetrade, and Revolut, currently offer crypto ETNs but none provide IF ISAs. These accounts also fall outside the UK’s Financial Services Compensation Scheme, leaving investors without the same level of protection as other savings products. In a related development, Trading 212 reportedly allowed UK retail customers to trade crypto ETNs without the required regulatory permission before later seeking proper authorization after being contacted by regulators.
Market interest in crypto ETNs remains strong despite the regulatory friction. An October 2025 research report by IG Group predicted the UK crypto market could expand by up to 20% following the relaunch of crypto ETNs. The study found that around 30% of UK adults would consider investing in crypto through ETNs, largely due to the perceived safety and regulatory oversight these products offer.
On the regulatory front, the FCA has launched a consultation on guidance for its upcoming crypto regulatory framework, which is expected to take full effect on October 25, 2027. The regulator is seeking industry input on rules covering stablecoin issuance, trading, custody, and staking. This guidance is part of a wider set of consultations released since late 2025 and aims to prepare firms for the new regime, under which crypto companies will need FCA authorization.
