UK investors can once again benefit from tax-free cryptocurrency investments after Stratiphy, a fintech startup, received approval to offer crypto ETNs in a specialized ISA. This development allows investors to hold cryptocurrency exchange-traded notes in a tax-free vehicle. Stratiphy, which enables users to personalize their investment strategies, will offer both crypto ETNs and IFISAs.
ISAs permit users to save up to £20,000 annually without incurring income tax or capital gains tax on returns. Following the UK tax authority's classification of crypto ETNs as IFISA-exclusive instruments from April 6, Stratiphy's move addresses the redundancy of last year's decision to lift the ban on retail access to crypto ETNs. The platform will provide access to three 21Shares ETNs, including those tracking bitcoin, ether, and a BTC-gold combination. With £4 million in assets under management for 2,000 clients, Stratiphy's CEO highlights the significant interest in these crypto products as a means to diversify portfolios.