UK investors can once again hold cryptocurrency ETNs in a tax-free account, following Stratiphy's approval to offer them in an Individual Savings Account (ISA). Stratiphy, a fintech platform, provides personalized investment strategies and offers both crypto ETNs and Innovative Finance ISAs. ISAs allow users to save up to £20,000 annually without paying income tax or capital gains tax on returns. The UK tax authority, HMRC, had classified crypto ETNs as available only in IFISAs from April 6.
Stratiphy will provide access to three ETNs from 21Shares, including those covering bitcoin, ether, and a BTC and gold combination. With £4 million in assets under management for 2,000 clients, Stratiphy's CEO notes a high level of interest in these products as a way to diversify portfolios with a new asset class.