UK investors can once again benefit from tax-free cryptocurrency investments after Stratiphy, a fintech startup, received approval to offer crypto exchange-traded notes (ETNs) within a specialized individual savings account (ISA). According to a report by the Financial Times, Stratiphy will provide access to both crypto ETNs and Innovative Finance ISAs (IFISAs), allowing users to invest in these products while avoiding income tax and capital gains tax on their returns.
ISAs have an annual savings limit of £20,000, and the introduction of crypto ETNs within this framework is expected to attract significant interest from investors looking to diversify their portfolios. Stratiphy will offer three ETNs from 21Shares, covering bitcoin, ether, and a unique combination of BTC and gold. The move is seen as a positive development for the UK's crypto market, which had been criticized for its restrictive regulations.
Stratiphy's CEO, Daniel Gold, expressed enthusiasm for the new offerings, highlighting the potential for crypto investments to provide a low-correlation asset class and an exciting way to diversify portfolios.