Following approval, UK investors can once again hold cryptocurrency ETNs in a tax-free vehicle through Stratiphy's individual savings account. Stratiphy, a fintech platform, provides personalized investment strategies and offers both crypto ETNs and Innovative Finance ISAs. This development allows users to save up to £20,000 per year without paying income tax or capital gains tax on returns. The UK's tax authority had previously classified crypto ETNs as only available in IFISAs, making last year's decision to lift the ban on retail access redundant.
Stratiphy will offer three ETNs from 21Shares, including bitcoin, ether, and a BTC and gold combination. With £4 million in assets under management for 2,000 clients, Stratiphy's CEO notes a high level of interest in these products as a means to diversify portfolios with a new asset class having low correlation to other classes.