UK investors can once again benefit from holding cryptocurrency ETNs in a tax-efficient vehicle, thanks to Stratiphy's approval to offer them in an Individual Savings Account (ISA). According to the Financial Times, Stratiphy, a fintech platform, will provide both crypto ETNs and Innovative Finance ISAs, allowing users to personalize their investment strategies. ISAs enable users to save up to £20,000 per year without incurring income tax or capital gains tax on returns. Following the UK tax authority's classification of crypto ETNs as IFISA-only instruments from April 6, Stratiphy's move addresses the criticism that the UK was becoming an outlier in the market.
The platform will offer three ETNs from 21Shares, covering bitcoin, ether, and a BTC and gold combination, with its CEO highlighting the significant interest in these products as a means to diversify portfolios.