Following approval, UK investors can once again hold cryptocurrency ETNs in a tax-free vehicle, thanks to Stratiphy's new offering in an individual savings account (ISA). Stratiphy, a fintech platform allowing users to personalize investment strategies, provides both crypto ETNs and Innovative Finance ISAs. ISAs enable users to save up to £20,000 annually without paying income tax or capital gains tax on returns.
The UK's tax authority, HMRC, recently classified crypto ETNs as IFISA instruments, rendering last year's decision to lift the ban on retail users accessing crypto ETNs redundant. Stratiphy will offer three ETNs from 21Shares, covering bitcoin, ether, and a BTC-gold combination, catering to the high interest in these products as a means to diversify portfolios with a new, low-correlation asset class.