UK investors can once again benefit from holding cryptocurrency ETNs in a tax-free account, thanks to Stratiphy's approval to offer them in an ISA. This comes after the fintech startup received the green light to provide both crypto ETNs and IFISAs, as reported by the Financial Times. ISAs allow users to save up to £20,000 per year without incurring income tax or capital gains tax on returns. Following the UK tax authority's classification of crypto ETNs as IFISA-exclusive from April 6, Stratiphy's move essentially revives last year's decision to lift the ban on retail access to crypto ETNs.
The platform will offer access to three 21Shares ETNs: bitcoin, ether, and a BTC-gold combination. With £4 million in assets under management for 2,000 clients, Stratiphy's CEO notes a significant interest in these products as a means to diversify portfolios with a new, low-correlation asset class.