UK investors can once again benefit from holding cryptocurrency exchange-traded notes in a tax-free vehicle, thanks to Stratiphy's approval to offer them in a special class of individual savings account. This development follows a report by the Financial Times, which stated that Stratiphy, a fintech platform, will provide access to both crypto ETNs and Innovative Finance ISAs. ISAs allow users to save up to £20,000 per year without incurring income tax or capital gains tax on returns. Stratiphy will offer three ETNs from 21Shares, covering bitcoin, ether, and a combination of BTC and gold.
The company managing £4 million for 2,000 clients, sees significant interest in these products as a means to diversify portfolios with a new asset class that has low correlation to other asset classes.