UK investors can once again benefit from tax-free cryptocurrency investments after Stratiphy gained approval to offer exchange-traded notes in a specialized individual savings account. According to the Financial Times, Stratiphy, a fintech platform, will provide both crypto ETNs and Innovative Finance ISAs, allowing users to invest up to 20,000 pounds per year without paying income tax or capital gains tax on returns. The U.K.'s tax authority had previously classified crypto ETNs as instruments only available in IFISAs, making last year's decision to lift the ban on retail users accessing crypto ETNs redundant.
Stratiphy will offer access to three ETNs provided by 21Shares, covering bitcoin, ether, and a combination of BTC and gold. With 4 million pounds in assets under management for 2,000 clients, Stratiphy's CEO Daniel Gold noted a high level of interest in these products, citing their potential to diversify portfolios with low correlation to other asset classes.