Following approval, UK investors can once again hold cryptocurrency ETNs in a tax-free account, thanks to Stratiphy's new offering. The fintech startup will provide access to three ETNs from 21Shares, covering bitcoin, ether, and a BTC and gold combination, in a special class of individual savings account (ISA).
This development allows investors to save up to £20,000 per year without paying income tax or capital gains tax on their returns. Stratiphy's platform, which manages £4 million for 2,000 clients, will offer both crypto ETNs and Innovative Finance ISAs. The move comes after the UK's 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 a high level of interest in these products, which can help diversify portfolios with a new asset class that has low correlation to other asset classes.