UK investors can once again benefit from a tax-free investment vehicle for cryptocurrency ETNs, thanks to Stratiphy's approval to offer them in a special individual savings account. The fintech startup will provide access to three ETNs from 21Shares, including those tracking bitcoin, ether, and a combined BTC and gold product.
This development follows a report by the Financial Times, which noted that 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. The UK's tax authority, HMRC, had previously classified crypto ETNs as only available in IFISAs from the start of the current tax year. However, this decision had made last year's lifting of the ban on retail users accessing crypto ETNs redundant, as no mainstream investment platform offered IFISAs with crypto products.
Stratiphy's move is expected to revitalize interest in crypto investment in the UK, with CEO Daniel Gold noting that the platform sees significant interest in these products as a means of diversifying portfolios.