Overview
- Retail investors can now buy crypto ETNs listed on FCA‑recognized exchanges such as the London Stock Exchange, though trading access will phase in after prospectus approvals with the earliest availability indicated as October 13.
- HMRC confirmed eligibility for stocks and shares ISAs and registered pensions immediately, with reclassification to the Innovative Finance ISA from April 6, 2026 while preserving tax advantages.
- On the London Stock Exchange, crypto ETNs must be fully physically backed by underlying assets held with regulated custodians and cannot use leverage.
- ETNs remain unsecured debt instruments that carry issuer credit risk and do not benefit from Financial Services Compensation Scheme protection.
- Issuers including 21Shares, WisdomTree and ETC Group already have LSE listings for professional markets, and major retail platforms are preparing distribution on varied timelines, with some indicating delays of weeks or months.