UK investors can once again invest in cryptocurrency exchange-traded notes (ETNs) without incurring tax, following Stratiphy's approval to offer them in a special type of individual savings account (ISA). Stratiphy, a fintech platform, will provide access to both crypto ETNs and Innovative Finance ISAs (IFISAs), allowing users to save up to £20,000 per year tax-free. The company will offer three ETNs from 21Shares, covering bitcoin, ether, and a combination of BTC and gold.
This development comes after the UK tax authority, HMRC, classified crypto ETNs as instruments only available in IFISAs from the start of the current tax year. Stratiphy's CEO, Daniel Gold, noted that there is significant interest in these products, which offer a new asset class with low correlation to other asset classes, making them an interesting way to diversify a portfolio.