UK fintech Stratiphy has launched a product that restores a tax-free path back into crypto exchange-traded notes (ETNs) for retail investors after recent regulatory changes had closed the route.
Background: In October 2025 the Financial Conduct Authority lifted a four-year prohibition on retail access to crypto ETNs tied to assets such as Bitcoin and Ether, allowing those products to be held in standard stocks-and-shares ISAs. However, at the start of the following tax year HM Revenue & Customs ruled that new purchases of crypto ETNs would no longer qualify for stocks-and-shares ISAs and instead restricted eligibility to Innovative Finance (IF) ISAs — a specialist wrapper more commonly used for peer-to-peer lending. Because no mainstream platform combined ETN listings with IF ISA services, many retail investors were left unable to buy the products within a tax-advantaged wrapper.
What Stratiphy is offering: Stratiphy’s new launch makes three 21Shares-issued ETNs available inside an ISA-eligible structure, covering Bitcoin, Ether and a blended Bitcoin–gold product, reopening a tax-efficient channel for UK savers. Financial press reported the launch on Stratiphy’s website; Stratiphy did not immediately respond to requests for comment.
Market context: Several UK platforms already list crypto ETNs, including Interactive Investor, Freetrade and Revolut, but none currently offers IF ISAs, so they cannot on their own restore ISA access. IF ISAs sit outside the Financial Services Compensation Scheme, a point investors should weigh. Separately, Trading 212 was reported to have allowed retail customers to trade crypto ETNs without the required regulatory permission and later sought proper authorization after contact from regulators.
Sentiment and outlook: An October 2025 IG Group report anticipated the relaunch of crypto ETNs could lift the UK crypto market by as much as 20% and found about 30% of UK adults might consider investing in crypto via ETNs, citing perceived safety and regulatory oversight as attractions.
Regulatory developments: The Financial Conduct Authority has also opened a consultation on guidance for its forthcoming crypto regulatory framework, expected to come fully into force on October 25, 2027. The consultation seeks industry input on rules covering stablecoin issuance, trading, custody and staking and forms part of broader preparatory work requiring crypto firms to obtain FCA authorization under the new regime.
Readers should verify details with providers and regulators before acting. The above summary is based on company disclosures and press reporting at the time of publication.