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“It’s just a slightly bungled process,” says Laura Suter of investment platform AJ Bell. “One of the main aims of Isas is that they are simple . . . [this] creates a lot of complication.”

Suter is perplexed by the government’s rollout of regulated crypto products. From next month, investors will lose the ability to hold crypto exchange-traded notes (ETNs) within stocks and shares Isas — a right only granted to them in October.

Instead they will only be allowed to hold them in a much more obscure tax wrapper called an Innovative Finance Isa.

While in theory this leaves the door open to Isa…