Following approval, UK investors can once again utilize a tax-free savings vehicle for cryptocurrency exchange-traded notes. Stratiphy, a fintech startup, will provide both crypto ETNs and Innovative Finance ISAs.
This development allows users to invest up to £20,000 annually without incurring income tax or capital gains tax on returns. Recently, the UK tax authority classified crypto ETNs as available only in IFISAs from the start of the current tax year. Stratiphy will offer three ETNs from 21Shares, covering bitcoin, ether, and a combination of BTC and gold, providing an opportunity for investors to diversify their portfolios with a new asset class that has low correlation to other asset classes.