Following approval, UK investors can once again hold cryptocurrency ETNs in a tax-free vehicle, thanks to fintech startup Stratiphy's new offering. Stratiphy, a platform allowing users to customize their investment strategies, will provide access to both crypto ETNs and Innovative Finance ISAs. This development comes after the UK's tax authority, HMRC, classified crypto ETNs as available only in IFISAs from the start of the current tax year. The decision had previously made last year's lifting of the ban on retail access to crypto ETNs redundant, as no mainstream platforms offered IFISAs with crypto products.
Stratiphy will offer three ETNs from 21Shares, covering bitcoin, ether, and a combination of BTC and gold. With this move, the London-based investment platform, which manages £4 million for 2,000 clients, aims to cater to the growing interest in crypto products as a means of diversifying portfolios.