Following approval, UK investors can once again invest in cryptocurrency exchange-traded notes (ETNs) through a tax-free individual savings account (ISA) with Stratiphy, as reported by the Financial Times. Stratiphy, a fintech platform, provides personalized investment strategies and offers both crypto ETNs and Innovative Finance ISAs (IFISAs).
ISAs allow users to save up to £20,000 annually without paying income tax or capital gains tax on returns. The UK's tax authority, His Majesty's Revenue and Customs (HMRC), had previously classified crypto ETNs as available only in IFISAs from April 6, making last year's decision to lift the ban on retail users accessing crypto ETNs redundant. Stratiphy will offer access to three ETNs from 21Shares, including those covering bitcoin, ether, and a combination of BTC and gold.
With £4 million in assets under management for 2,000 clients, Stratiphy's CEO, Daniel Gold, noted a high level of interest in these products, citing them as a unique way to diversify portfolios with low correlation to other asset classes.