UK Investors Regain Tax-Free Crypto Access

• Stratiphy, a fintech platform, got approved as an IFISA manager in the UK.
• Its users can now buy a range of 21Shares crypto ETNs inside an ISA wrapper.
• Recently, regulatory changes pulled crypto ETNs from mainstream Stocks and Shares ISAs.

UK investors now have a way back into tax‑efficient crypto investing, thanks to new developments that reopened access to crypto ETNs (exchange-traded notes) via the Innovative Finance ISA (IFISA).

This is due to Stratiphy (UK fintech platform) just getting approved as an IFISA manager in the UK, which lets the company offer a tax‑free wrapper for retail investors to hold 21Shares crypto ETNs. Stratiphy users can now buy a range of 21Shares crypto ETNs inside an ISA wrapper, which gives them crypto exposure through exchange‑traded products without actually holding the tokens themselves.

Daniel Gold, founder of Stratiphy, said the following:

April Regulatory Changes

The development comes only weeks after regulatory changes pulled crypto ETNs from mainstream Stocks and Shares ISAs, leaving retail investors confused and with fewer options.

Starting April 6, the UK government reclassified crypto ETNs, making them ineligible for traditional ISAs and limiting them to IFISAs, a smaller wrapper usually used for peer‑to‑peer lending.

That change meant no more new crypto ETN purchases in regular ISAs. Only what you already had could stay, so tax‑free crypto access became mostly a theoretical idea. The problem here is that almost no platforms offer both crypto ETNs and IFISAs, with a notable disconnect between what’s allowed and what’s actually available.

However, Stratiphy is trying to fill that gap by pairing crypto ETNs with IFISA tax wrappers, so that investors can get crypto exposure again and enjoy tax‑free gains and income.

What Are Crypto ETNs?

Crypto ETNs are regulated financial products that follow the price of coins like Bitcoin. They trade on regular stock exchanges and allow users to get crypto exposure without actually owning any crypto.

Crypto ETNs are seen as an easier, more regulated way to get into crypto markets.

In the UK, the launch of retail crypto ETNs in late 2025 led to strong interest. Approximately 30% of adults said they would consider investing via ETNs, rising to nearly 50% among younger investors.

The Financial Conduct Authority (FCA) lifted its long-standing ban in 2025, letting retail investors back into crypto ETNs.

Related: FCA Opens Consultation on UK’s Future Crypto Regime