UK Investors Can Now Avoid Paying Tax on Crypto Investments Again

Investors in the UK can once again benefit from tax-free cryptocurrency investments after Stratiphy, a fintech startup, received approval to offer them in a specialized ISA. According to a report by the Financial Times, Stratiphy will provide access to both crypto ETNs and IFISAs, allowing users to save up to £20,000 per year without incurring income tax or capital gains tax on their returns. The UK's tax authority, HMRC, had previously classified crypto ETNs as only available in IFISAs, making last year's decision to lift the ban on retail access redundant. However, with Stratiphy now offering these products, UK investors can diversify their portfolios with a new asset class that has low correlation to other asset classes. Stratiphy will offer three ETNs from 21Shares, covering bitcoin, ether, and a combination of BTC and gold, with the company's CEO stating that there is a high level of interest in these products.