UK investors can once again utilize tax-free accounts to hold cryptocurrency exchange-traded notes, thanks to Stratiphy's recent approval. This fintech startup will provide access to crypto ETNs and Innovative Finance ISAs, allowing users to personalize their investment strategies. ISAs enable users to save up to 20,000 pounds annually without incurring income tax or capital gains tax on returns. Following a February decision by the UK's tax authority, crypto ETNs are now classified as instruments available only in IFISAs.
This move had previously made the decision to lift the ban on retail users accessing crypto ETNs redundant, as no mainstream platforms offered IFISAs with crypto products. Stratiphy will offer three ETNs from 21Shares, covering bitcoin, ether, and a BTC-gold combination, with its CEO noting a high level of interest in these products as a means of diversifying portfolios.