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Stratiphy has launched a tax-free route for UK investors to access crypto exchange-traded notes (ETNs) after regulatory changes limited previous options. The Financial Conduct Authority lifted its ban on retail access to crypto ETNs in October 2025, allowing investments in Bitcoin and Ether again.
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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.
Stratiphy’s launch now 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 reached out to Stratiphy for comment, but had not received a response by publication.
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Stratiphy now offers three ETNs covering Bitcoin, Ether, and a blended Bitcoin-gold product, allowing UK investors to access these assets tax-free.
A ruling by HM Revenue & Customs limited eligibility for new purchases of crypto ETNs to Innovative Finance ISAs, effectively excluding standard stocks-and-shares ISAs.
The Financial Conduct Authority lifted its four-year ban on retail access to crypto ETNs in October 2025.

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Crypto ETNs are already available through platforms such as Interactive Investor, Freetrade and Revolut. However, none currently offer IF ISAs, and those accounts fall outside the UK’s Financial Services Compensation Scheme, per the FT.
Trading 212, one of Europe’s largest online investment platforms, also reportedly allowed UK retail customers to trade crypto ETNs without the required regulatory permission. The company later sought the proper authorization after being contacted by regulators.
An October 2025 research report by IG Group predicted that 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.
As Cointelegraph reported, the UK’s Financial Conduct Authority (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 areas such as stablecoin issuance, trading, custody and staking.
The 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.