Market Updates: Crypto Hacks Top $17B in a Decade, Stratiphy Restores UK Crypto ETN Access; Uzbekistan Establishes Regulated Crypto Mining Zone

Latest Market Updates: As of 22nd April 2026.

Today in crypto, UK fintech Stratiphy has reopened tax-efficient access to crypto ETNs via ISA restructuring. In parallel, Uzbekistan has launched a regulated mining zone in Karakalpakstan with long-term tax incentives. 

Meanwhile, crypto hacks have surpassed $17 billion, with private key compromises as the leading cause, and the UK is advancing payment reforms to bring stablecoins and tokenized deposits under a unified regulatory framework.

Stratiphy Reopens UK Crypto ETN Access Through ISA Workaround

UK-based fintech firm Stratiphy has introduced a new route for retail investors to access crypto exchange-traded notes (ETNs) without tax liability. The move follows a series of regulatory adjustments that had previously limited access.

For context, the Financial Conduct Authority lifted its four-year ban on retail crypto ETNs in October 2025. Initially, investors were able to hold these products inside standard stocks-and-shares ISAs, which provided tax benefits.

However, the situation shifted at the start of the 2026 tax year, after HM Revenue & Customs determined that new crypto ETN investments would no longer qualify for these ISAs.

Instead, eligibility moved to Innovative Finance (IF) ISAs, which are typically used for peer-to-peer lending. This created a gap in the market, as no major platform offered ETNs within IF ISA wrappers.

According to the Financial Times, Stratiphy has now stepped in to fill this gap by offering access to three ETNs issued by 21Shares. These include Bitcoin-linked and Ethereum-linked products, as well as a hybrid Bitcoin–gold instrument.

Uzbekistan Launches State-Backed Crypto Mining Zone

Meanwhile, in Central Asia, Uzbekistan has taken a significant step toward formalizing its crypto mining industry. This includes the creation of a state-backed mining zone in Karakalpakstan.

Specifically, a presidential resolution signed on 17 April 2026 and effective from 20 April establishes the “Besqala Mining Valley”. The initiative allows only licensed legal entities to conduct mining operations under strict regulatory oversight.

A dedicated directorate under the Council of Ministers will supervise activity in the zone. Operators will be permitted to use mixed energy sources, provided they comply with national regulatory standards.

Companies operating in the zone can sell mined crypto assets on domestic exchanges or foreign platforms. In addition, they may execute direct contracts and convert holdings into other liquid digital assets. However, all proceeds must be transferred into Uzbek banking channels.

The policy also includes long-term fiscal incentives. Mining firms will be exempt from tax obligations until January 1, 2035. In addition, a monthly fee equal to 1% of mining revenue will be required. Officials have also been instructed to prepare tax code revisions within two months, according to the decree.

Crypto Hacks Surpass $17 Billion Over a Decade

While regulation advances, security challenges remain a major concern for the industry.

Data from DefiLlama shows that total losses from crypto-related hacks have now exceeded $17 billion across 518 incidents over the past decade. In particular, a significant share of these losses is linked to private key compromises and related vulnerabilities.

Breaking down the attack vectors, approximately 22.3% of incidents involved brute-force attacks on private keys, while 18.2% were attributed to unidentified compromise methods. In addition, phishing attacks targeting multi-signature wallets accounted for roughly 10% of cases.

These findings coincide with a major breach reported earlier in April 2026, in which an attacker targeted Kelp DAO’s rsETH bridge, which runs on LayerZero technology. 

The breach resulted in the theft of approximately 116,500 restaked Ethereum, valued between $290 million and $293 million at the time. This makes it one of the largest crypto exploits of the year.

UK Prepares New Rules for Stablecoins and Tokenized Payments

Alongside these developments, the UK is accelerating efforts to modernize its payments regulation to accommodate digital assets.

In a recent statement, HM Treasury confirmed plans to consult on updates to payment services and electronic money rules, with a focus on integrating stablecoins and tokenized deposits into a unified regulatory framework. The goal is to align oversight between traditional financial systems and emerging digital payment technologies.

Economic Secretary Lucy Rigby stated that the reforms aim to streamline regulation and reduce compliance burdens for firms entering the stablecoin sector.

To support implementation, former FCA official Chris Woolard has been appointed as digital markets champion. He will help drive adoption under the Wholesale Financial Markets Digital Strategy. The wider regulatory framework for crypto in the UK is expected to be implemented in 2027.