Following approval from the Financial Times, UK-based fintech startup Stratiphy is now offering cryptocurrency exchange-traded notes (ETNs) in a tax-free individual savings account (ISA). This development allows UK investors to once again hold crypto ETNs without paying duty on their investments.
Stratiphy provides both crypto ETNs and Innovative Finance ISAs (IFISAs), which are authorized to invest in these products. ISAs enable users to save up to £20,000 annually without incurring income tax or capital gains tax on returns.
The company will offer three ETNs from 21Shares, covering bitcoin, ether, and a combination of bitcoin and gold. According to Stratiphy's CEO, Daniel Gold, there is significant interest in these products, which provide a unique opportunity for portfolio diversification due to their low correlation with other asset classes.