Following approval, UK investors can once again hold cryptocurrency ETNs in a tax-free account, thanks to fintech startup Stratiphy's new offering. Stratiphy allows users to customize their investment strategies and provides both crypto ETNs and Innovative Finance ISAs. This development comes after the UK's tax authority, HMRC, classified crypto ETNs as IFISA-only instruments, rendering last year's decision to lift the ban on retail access to crypto ETNs redundant. Stratiphy will provide access to three ETNs from 21Shares, including those tracking bitcoin, ether, and a BTC-gold combination.
With a current management of 4 million pounds for 2,000 clients, Stratiphy's CEO notes a high level of interest in these products, citing their potential for diversifying portfolios with low correlation to other asset classes.