UK fintech Stratiphy has launched an offering that provides a tax-free route back into crypto exchange-traded notes (ETNs) for UK investors after regulatory changes had effectively shut retail investors out.
In October 2025 the Financial Conduct Authority lifted its four-year ban on retail access to crypto ETNs tied to assets such as Bitcoin (BTC) and Ether (ETH). Those products could initially be held in standard stocks-and-shares Individual Savings Accounts (ISAs), giving investors tax-free exposure. At the start of the new tax year, however, HM Revenue & Customs ruled that new purchases of crypto ETNs would no longer qualify for stocks-and-shares ISAs and instead limited eligibility to Innovative Finance (IF) ISAs — a niche wrapper typically used for peer-to-peer lending. Because no platform offered both ETNs and IF ISAs, investors faced a dead end.
Stratiphy’s launch reopens that route by offering three ETNs issued by 21Shares covering Bitcoin, Ether and a blended Bitcoin–gold product, according to the Financial Times. (Source: Stratiphy’s website.) Cointelegraph contacted Stratiphy for comment but had not received a response by publication.
UK platforms already listing crypto ETNs include Interactive Investor, Freetrade and Revolut, though none currently offers IF ISAs. IF ISAs fall outside the UK’s Financial Services Compensation Scheme. Trading 212 also reportedly allowed UK retail customers to trade crypto ETNs without the required regulatory permission and later sought proper authorization after contact from regulators. An October 2025 IG Group report forecast the UK crypto market could grow up to 20% following the relaunch of crypto ETNs and found roughly 30% of UK adults would consider investing in crypto via ETNs, citing perceived safety and regulatory oversight.
Separately, the UK’s Financial Conduct Authority has launched a consultation on guidance for its forthcoming crypto regulatory framework, which is expected to take full effect on October 25, 2027. The consultation seeks industry input on rules covering areas such as stablecoin issuance, trading, custody and staking and is part of a wider set of consultations released since late 2025 to prepare firms for the new regime under which crypto companies will need FCA authorization.
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