Can you hold crypto in an ISA?
Not directly. HMRC's lists of qualifying investments do not include cryptoassets themselves, such as a coin or token held directly, so they cannot be held in any ISA. A cryptoasset exchange traded note (cETN) can be held in an Innovative Finance ISA, and the FCA treats it as a high-risk investment.
The short answer
- Not directly. Cryptoassets themselves, such as a coin or token held directly, are not on HMRC's lists of qualifying investments, so they cannot be held in any ISA.
- A cryptoasset exchange traded note (cETN) can be held in an Innovative Finance ISA. From 6 April 2026 no new cETNs can be bought or switched into a Stocks and Shares ISA.
- cETNs already held in a Stocks and Shares ISA immediately before 6 April 2026 continue to qualify for as long as they remain held in that account.
- The FCA treats cETNs as restricted mass-market investments, a high-risk category. Crypto prices can fall sharply, and you could lose all the money you invest.
Can you hold crypto directly in an ISA?
No. HMRC’s lists of qualifying investments do not include cryptoassets themselves, such as a coin or token held directly, so they cannot be held in any ISA. The route into an ISA is a cryptoasset exchange traded note, which can be held in an Innovative Finance ISA.
Crypto and ISAs, at a glance
- Coins or tokens held directly
- Not allowed
- In any type of ISA
- Where a cETN can be held
- Innovative Finance ISA
- Not a Stocks and Shares ISA, unless held there before 6 April 2026
- New cETNs into a Stocks and Shares ISA
- Not permitted
- From 6 April 2026, HMRC says
- FCA category for cETNs
- High risk
- Restricted mass-market investments
What is a cryptoasset exchange traded note?
HMRC defines a cETN as a debt security that:
- is traded on a trading venue or market operated by a UK-recognised stock exchange
- features no periodic coupon payments
- has a return that tracks the performance of an unregulated transferable asset
So a cETN is a note, not a coin. What goes into the ISA is the debt security, and its return follows the performance of the asset it tracks. HMRC’s list of qualifying investments for Innovative Finance ISAs names investments in UK cryptoasset Exchange Traded Notes.
Which ISA can hold a cETN?
An Innovative Finance ISA. gov.uk lists cryptoasset exchange traded notes among what an Innovative Finance ISA includes, alongside peer-to-peer loans, crowdfunding debentures and certain funds. HMRC says FCA rule changes from 8 October 2025 allow retail investors to access cETNs.
See what an Innovative Finance ISA is and how it works for the other holdings and the risks that come with them.
What changed on 6 April 2026?
From 6 April 2026 the home for cETNs switched from the Stocks and Shares ISA to the Innovative Finance ISA. gov.uk says: “Cryptoasset exchange traded notes cannot be held in a stocks and shares ISA, unless they were held there before 6 April 2026. They’ll need to be held in an innovative finance ISA.”
HMRC’s guidance for ISA managers says the same of Stocks and Shares ISAs: UK cryptoasset ETNs cannot be held as qualifying investments, apart from those already held, and no new subscriptions, purchases or switching of cETNs are permitted into one from 6 April 2026.
| Date | What happens |
|---|---|
| 8 October 2025 | FCA rule changes allow retail investors to access cETNs. |
| 6 April 2026 | cETNs cannot be held in a Stocks and Shares ISA, unless held there before this date. They need to be held in an Innovative Finance ISA. |
| 6 April 2027 (planned) | A 22% charge on interest on cash held in Stocks and Shares and Innovative Finance ISAs was planned. It is unconfirmed after the Budget. |
What about cETNs held before 6 April 2026?
It stays a qualifying investment in that account. HMRC says any cETNs already held within a Stocks and Shares ISA immediately before 6 April 2026 will continue to be treated as qualifying investments for as long as they remain held in that account.
The exception covers those notes in that account. HMRC says no new subscriptions, purchases or switching of cETNs are permitted into a Stocks and Shares ISA from 6 April 2026, so it does not allow more to be bought.
Can you move crypto you already own into an ISA?
Not as coins or tokens, because those cannot be held in any ISA. gov.uk also says you cannot transfer any arrangements you’ve already made or investments you already hold into an Innovative Finance ISA. On that wording, a cETN you already own outside an ISA cannot be moved into one.
How risky is a cETN?
The FCA treats cETNs as restricted mass-market investments, a high-risk category. Crypto prices can fall sharply, and you could lose all the money you invest. An ISA does not change that: gov.uk says there is no tax on income or capital gains from investments in an ISA, but the wrapper affects tax, not the risk of loss.
HMRC’s guidance sets conditions for an Innovative Finance ISA manager that allows cETN subscriptions. The manager must:
- ensure the FCA-mandated ‘restricted mass-market investment risk summary’ is issued
- check the investor’s understanding of the risks
- meet the cooling-off period requirements
- comply with FCA rules on restricted mass-market investments
Does the planned 2027 cash charge apply?
Not at present. HMRC had planned a 22% charge from 6 April 2027 on interest on cash held in Stocks and Shares and Innovative Finance ISAs, and a rule that money market funds would be the only cash-like holdings. The Budget documents of 28 October 2026 do not mention them and press reports say they are not going ahead as planned. See cash inside a Stocks and Shares ISA and ISA changes 2027.
Questions people ask
Can you hold cryptocurrency in an ISA?
Not directly. HMRC's lists of qualifying investments do not include cryptoassets themselves, such as a coin or token held directly, so they cannot be held in any ISA. A cryptoasset exchange traded note (cETN) can be held in an Innovative Finance ISA, and it is a high-risk investment: you could lose all the money you invest.
What is a cryptoasset exchange traded note?
HMRC defines a cETN as a debt security traded on a trading venue or market operated by a UK-recognised stock exchange. It features no periodic coupon payments, and its return tracks the performance of an unregulated transferable asset.
Can a Stocks and Shares ISA hold crypto?
Not for new purchases. gov.uk says cryptoasset exchange traded notes cannot be held in a Stocks and Shares ISA, unless they were held there before 6 April 2026, and that they will need to be held in an Innovative Finance ISA. HMRC says no new subscriptions, purchases or switching of cETNs are permitted into a Stocks and Shares ISA from 6 April 2026.
Can you move crypto you already own into an ISA?
Not as coins or tokens, because those cannot be held in any ISA. gov.uk also says you cannot transfer any arrangements you've already made or investments you already hold into an Innovative Finance ISA, so a cETN you already own outside an ISA cannot be moved into one.
How risky is a crypto ETN in an ISA?
The FCA treats cETNs as restricted mass-market investments, a high-risk category. Crypto prices can fall sharply, and you could lose all the money you invest. An ISA removes tax on income and gains, not the risk of loss. See what an Innovative Finance ISA is and its risks.
Sources
- 1 Individual Savings Accounts: how ISAs work (GOV.UK) (gov.uk)
- 2 Stocks and shares ISA investments for ISA managers (HMRC guidance, GOV.UK, updated 6 April 2026) (gov.uk)
- 3 Innovative finance ISA investments for ISA managers (HMRC guidance, GOV.UK) (gov.uk)
- 4 Tax treatment of cryptoasset Exchange Traded Notes (HMRC, 8 October 2025) (gov.uk)
- 5 ISA reform 2027: anti-circumvention rules factsheet (HMRC, 23 June 2026) (gov.uk)