UK investors can once again benefit from holding cryptocurrency exchange-traded notes (ETNs) in a tax-free account, thanks to Stratiphy's recent approval to offer them in an Individual Savings Account (ISA). Stratiphy, a fintech platform, provides users with personalized investment strategies and is now offering both crypto ETNs and Innovative Finance ISAs (IFISAs), as reported by the Financial Times. ISAs allow users to save up to £20,000 per year without paying income tax or capital gains tax on returns.
Following a recent classification by the UK's tax authority, HMRC, crypto ETNs are now available in IFISAs. This development makes last year's decision to lift the ban on retail users accessing crypto ETNs more significant, as Stratiphy will offer access to three ETNs provided by 21Shares, 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, notes that there is a high level of interest in these products, which provide a unique way to diversify portfolios with low correlation to other asset classes.