Stratiphy's offering now pairs that IF ISA structure with three ETNs issued by 21Shares, covering BTC, ETH, and a blended Bitcoin-gold product,
Crypto News
U.K. fintech platform Stratiphy has launched an Innovative Finance Individual Savings Account (IF ISA) that gives retail investors a functional tax-free route into crypto exchange-traded notes, addressing a structural gap that emerged when HMRC tightened its ISA eligibility rules at the start of the new tax year.
The path to tax-free crypto ETN investing had closed quietly after HM Revenue and Customs ruled that new purchases of crypto ETNs would no longer qualify for standard stocks-and-shares ISAs. Eligibility shifted exclusively to Innovative Finance ISAs, a wrapper more commonly associated with peer-to-peer lending and not offered alongside crypto ETNs on any platform, effectively leaving retail investors with no practical route in.
Stratiphy's offering now pairs that IF ISA structure with three ETNs issued by 21Shares, covering BTC, ETH, and a blended Bitcoin-gold product, according to the Financial Times. The platform had not responded to a request for comment by the time of publication.
The access issue followed a broader regulatory shift. The Financial Conduct Authority (FCA) lifted its four-year ban on retail crypto ETN products in October 2025, allowing BTC- and ETH-linked instruments to trade on U.K. venues. That opening was partly constrained by the HMRC change months later, and the IF ISA wrapper that now applies also falls outside the U.K.'s Financial Services Compensation Scheme.
Other U.K. platforms, including Interactive Investor, Freetrade and Revolut, already offer crypto ETNs but none currently provide IF ISA accounts alongside them. Trading 212, one of Europe's largest online investment platforms, was separately reported to have allowed U.K. retail customers to trade crypto ETNs without the required regulatory authorisation before seeking the proper permissions after contact from regulators.
An October 2025 study by IG Group projected that the U.K. crypto market could grow by up to 20% following the relaunch of crypto ETNs. The research found that around 30% of U.K. adults would consider investing in the products, with perceived safety and regulatory oversight cited as the primary reasons.
The FCA has since launched a consultation on guidance for its forthcoming crypto regulatory framework, which is expected to take full effect on Oct. 25, 2027. The consultation covers stablecoin issuance, trading, custody and staking, and is part of a wider package of consultations released since late 2025 that require crypto firms to obtain FCA authorisation before operating.
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