UK investors only have until April to add crypto ETNs to their ISAs: FT

UK investors have until April 6, the start of the new tax year, to add cryptocurrency exchange-traded notes (ETNs) to their mainstream Stocks and Shares Individual Savings Accounts (ISAs). His Majesty's Revenue and Customs (HMRC) will reclassify crypto ETNs as qualifying instruments only for the more obscure Innovative Finance ISAs (IFISAs), which mainstream platforms do not offer. This decision effectively snuffs out the opportunity for retail investors to use the popular tax-free wrapper for crypto investments, despite the Financial Conduct Authority having recently lifted the ban on accessing these products. HMRC cited the "innovative nature and the fact that is an emerging market" as the reason for the ruling, though they will keep the decision under review. Existing crypto ETN holdings within ISAs will not be forced to be sold. Industry figures, like Fidelity's George Bauer, are encouraging the government to reconsider, arguing the move positions the UK as an outlier among major financial markets.

(Source：CoinDesk)