Overview
- From April 6, 2026, crypto exchange-traded notes will qualify only for Innovative Finance ISAs rather than the mainstream stocks-and-shares ISA, according to HMRC.
- Investors will not be required to sell existing crypto ETNs already held in stocks-and-shares ISAs, with HMRC citing the risk of market disruption from forced disposals.
- Because no major platforms offer IFISAs and none of the 57 IFISA-authorized firms plan to support crypto ETNs, most retail investors effectively lose a practical ISA route for new purchases.
- HMRC said the move reflects the innovative, developing nature of crypto ETNs and it will keep the ISA treatment under review for possible changes as the market matures.
- Industry figures, including Fidelity, criticized the decision and urged a rethink to allow access through stocks-and-shares ISAs, as access to crypto ETNs remains uneven across UK platforms.