Following Stratiphy's approval to offer cryptocurrency exchange-traded notes in a special class of individual savings account, UK investors can once again hold crypto ETNs tax-free. Stratiphy, a fintech platform, provides personalized investment strategies and is now offering both crypto ETNs and Innovative Finance ISAs. This development comes after the UK's tax authority, HMRC, classified crypto ETNs as instruments available only in IFISAs from the start of the current tax year. The decision had previously made last year's lift on the ban of retail users accessing crypto ETNs redundant, as no mainstream platforms offered IFISAs with crypto products.
Stratiphy will provide access to three ETNs from 21Shares, covering bitcoin, ether, and a combined BTC and gold product. The platform, which manages £4 million for 2,000 clients, sees significant interest in these products as a means to diversify portfolios with a new asset class.