UK investors can once again benefit from holding cryptocurrency ETNs in a tax-free environment, thanks to Stratiphy's approval to offer them within an ISA. Stratiphy, a fintech platform, provides users with personalized investment strategies and is now offering both crypto ETNs and IFISAs.
ISAs allow 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 instruments only available in IFISAs from the start of the current tax year.
This move had previously made the decision to lift the ban on retail users accessing crypto ETNs redundant. However, Stratiphy's move is expected to change this, with the platform offering access to three ETNs provided by 21Shares, including those covering bitcoin, ether, and a combination of BTC and gold. Stratiphy manages £4 million for 2,000 clients and has seen significant interest in these products, which offer a new asset class with low correlation to other asset classes.