Stratiphy is reopening a tax-free route to crypto ETNs in the UK after HMRC’s ISA rule change left retail investors with little practical access.
UK fintech platform Stratiphy has launched a new offering that gives investors a practical tax-free route back into crypto exchange-traded notes (ETNs) for UK investors after a series of regulatory shifts effectively shut investors out.
In October 2025, the Financial Conduct Authority lifted its four-year ban on retail access to crypto ETNs tied to assets like Bitcoin (BTC) and Ether (ETH). These products could initially be held in standard stocks-and-shares Individual Savings Accounts (ISAs), offering tax-free exposure.
However, that changed at the start of the new tax year, when HM Revenue & Customs ruled that new purchases of crypto ETNs would no longer qualify for those ISAs. Instead, eligibility was limited to Innovative Finance (IF) ISAs, a niche wrapper typically used for peer-to-peer lending, and no platform offered both, resulting in a dead end for investors seeking access.
