Following approval, UK investors can once again hold cryptocurrency ETNs in a tax-free account, thanks to Stratiphy's new offering of crypto ETNs and Innovative Finance ISAs. This development allows users to save up to £20,000 per year without incurring income tax or capital gains tax on their returns. Stratiphy, a fintech platform, provides personalized investment strategies and is now offering access to three ETNs from 21Shares, including those for bitcoin, ether, and a combination of BTC and gold.
The UK's tax authority, HMRC, had previously classified crypto ETNs as only available in IFISAs, making last year's decision to lift the ban on retail access redundant. Stratiphy's move is expected to make crypto investment more accessible to a broader base of retail investors, with CEO Daniel Gold noting a high level of interest in these products as a way to diversify portfolios.