Investors in the UK can now hold cryptocurrency ETNs in a tax-free vehicle, thanks to Stratiphy's approval to offer them in an ISA. Stratiphy, a fintech platform, provides personalized investment strategies and is offering both crypto ETNs and IFISAs.
ISAs allow users to save up to £20,000 per year without paying income tax or capital gains tax on returns. Following HMRC's classification of crypto ETNs as IFISA-only instruments from April 6, Stratiphy's move essentially revives last year's decision to lift the ban on retail access to crypto ETNs. The platform 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 a high level of interest in these products, citing their potential for portfolio diversification and low correlation to other asset classes.