UK Investors Can Now Avoid Paying Tax on Crypto Investments Again

Following a recent approval, UK investors can once again hold cryptocurrency ETNs in a tax-free account, thanks to fintech startup Stratiphy. This comes after Stratiphy received the green light to offer these products within a special class of individual savings account, known as an ISA. Stratiphy's platform allows users to personalize their investment strategies and offers both crypto ETNs and Innovative Finance ISAs. ISAs enable users to save up to £20,000 per year without incurring income tax or capital gains tax on returns. Recently, the UK's tax authority, HMRC, reclassified crypto ETNs as instruments only available in IFISAs from the start of the current tax year. This move had previously made the decision to lift the ban on retail users accessing crypto ETNs redundant. However, with Stratiphy now offering IFISAs, investors can access crypto ETNs tax-free once more. The company will provide access to three ETNs from 21Shares, covering bitcoin, ether, and a combination of bitcoin and gold. According to Stratiphy's CEO, there is significant interest in these products, which offer a unique way to diversify investment portfolios with low correlation to other asset classes.