British investors face new hurdles in holding cryptocurrencies as a policy adjustment reclassifies exchange-traded notes (ETNs). Starting next month, ETNs will no longer be eligible for mainstream stocks and shares Individual Savings Accounts (ISAs). Instead, ETNs can only be deposited into the less commonly used Innovative Finance ISA (IF ISA), which currently no major UK platform offers account opening services for. Investment platforms criticize this move, citing disproportionate complexity and confusion, and point out a mismatch between listed ETNs and the IF ISA managers focused on P2P lending. Although the government claims this is to encourage investment through the IF ISA, platforms say weak consumer demand and regulatory uncertainty are reasons they are reluctant to develop related products, especially as other European markets expand cryptocurrency access and financial markets shift focus to assets like gold and artificial intelligence.
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