Following approval, UK investors can once again utilize tax-free vehicles to hold cryptocurrency exchange-traded notes, thanks to Stratiphy's new offering in a special class of individual savings account. The fintech startup allows users to personalize investment strategies and provides access to 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.
Stratiphy will provide access to 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 available only in IFISAs from the start of the current tax year.
Stratiphy manages £4 million for 2,000 clients and sees significant interest in these crypto products, which offer a unique way to diversify portfolios with low correlation to other asset classes.