Following approval, UK investors can once again hold cryptocurrency ETNs in a tax-free account, thanks to fintech startup Stratiphy's new offering. Stratiphy, a platform allowing users to personalize investment strategies, will provide access to crypto ETNs and IFISAs.
ISAs enable users to save up to £20,000 annually without paying income tax or capital gains tax on returns. Recently, the UK's tax authority classified crypto ETNs as available only in IFISAs from the start of the current tax year, making last year's decision to lift the ban on retail access redundant. Stratiphy will offer three ETNs from 21Shares, covering bitcoin, ether, and a combination of BTC and gold. With £4 million in assets under management for 2,000 clients, CEO Daniel Gold notes a high level of interest in these products, citing their potential to diversify portfolios as a new asset class with low correlation to others.