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CANARY CAPITAL LAUNCHES FIRST U.S. HBAR TRUST FOR INSTITUTIONAL INVESTORS
Canary Capital has introduced the U.S.’s first HBAR Trust, expanding crypto options for institutional investors.
This move offers institutional investors access to Hedera’s HBAR, the native crypto of the Hedera network. The trust caters to accredited investors seeking exposure to advanced crypto investment strategies.
According to the company announcement, this is the first dedicated HBAR trust in the United States.
HBAR investment options
The Hedera network is a distributed ledger technology used by enterprises for various applications, such as tokenizing assets, issuing non-fungible tokens, and developing Web3 applications. This trust gives U.S. investors a structured way to invest in HBAR.
Steven McClurg, former co-founder of Valkyrie and founder of Canary Capital, emphasized the growing demand for crypto investment options beyond popular assets like Bitcoin. He noted that despite the interest, many institutional investors lack reliable options to invest in more innovative crypto projects.
“The accelerating demand for crypto offerings seems to be exponential since this year’s launch of Spot Bitcoin ETFs, yet there remains a gap regarding firms with institutional experience who are willing to continue to innovate and deliver solutions beyond retail products.”
Steven McClurg
The Canary HBAR Trust addresses this gap, potentially paving the way for future crypto-focused investment funds such as ETFs. The trust is available for accredited individual and institutional investors, representing an opportunity for those looking to diversify their crypto portfolios.
Additionally, Canary Capital offers other crypto hedge fund solutions, targeting sophisticated and institutional investors seeking a blend of crypto and fixed-income strategies.
On Sept. 16, Hedera helped launch the MiCA Crypto Alliance with Ripple and the Aptos Foundation as founding members, aiming to help crypto firms navigate EU regulations, particularly the Markets in Crypto Assets regulation. The alliance focuses on improving transparency and fostering blockchain innovation.
@ Newshounds News™
Source: Crypto News
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JAPAN CONSIDERS CHANGES TO CRYPTO RULES AS FSA LAUNCHES REVIEW: REPORT
The upcoming FSA review could drive reform in Japan’s crypto regulations, possibly paving the way for crypto ETFs.
Reports have emerged that Japan plans to assess the effectiveness of its cryptocurrency rules.
The review, which will take place over the next few months, could pave the way for the launch of crypto exchange-traded funds (ETFs) in the country.
Review to Evaluate Investor Protection
The news was first reported by Bloomberg, which quoted an unnamed official from Japan’s Financial Services Agency (FSA). According to the report, the review will measure how adequate the country’s current approach to crypto regulation has been under the Payments Services Act (PSA).
Initially enacted in 2009, Japanese lawmakers have amended the PSA several times to address the changes in the financial services landscape triggered by the emergence of digital currencies.
The act recognizes Bitcoin (BTC) and other cryptocurrencies as legal property. It also requires crypto exchanges to be registered and comply with the country’s Anti-Money Laundering (AML) and Counterfinancing of Terrorism (CFT) obligations.
Furthermore, Japan’s Financial Instruments and Exchange Act (FIEA) also plays a key role in digital asset regulation, especially with regard to crypto derivatives transactions.
The FSA wants to ascertain whether these rules have effectively safeguarded investors, given that Japanese holders mainly use cryptocurrencies as investments rather than for payments.
According to Bloomberg, such a move could lead to changes in the laws or even a reclassification of digital assets as financial instruments under the FIEA. If that were to happen, analysts suggest that not only would it improve investor protection measures, but it could possibly make it easier for the industry to negotiate for lower taxes on crypto.
Potential Reforms for Crypto Taxes and Security
The country’s stringent crypto rules were fashioned to protect against occurrences like the Mt. Gox hack and subsequent bankruptcy, as well as 2023’s FTX debacle from happening or adversely affecting local crypto holders.
Only recently, the crypto exchange DMM Bitcoin lost more than $300 million worth of BTC to hackers. The platform later stated that it would reimburse all users who lost their crypto in the attack and that it would acquire a proportionate amount of the stolen BTC.
n the aftermath of the attack, the FSA demanded that DMM Bitcoin provide the regulator with a business improvement plan by the end of October that would outline how it intends to protect customer assets in the future.
Japan has already made some concessions to its crypto tax requirements. In June 2023, its National Tax Agency published a partial revision of its corporate tax guidelines exempting companies issuing crypto tokens from paying a 30% levy on their holdings.
Prime Minister Fumio Kishida has also been leading the charge in promoting Web3, a future iteration of the Internet expected to be built around blockchain and utilize crypto. This has led to some of the largest corporations in the country, including Sony and Mitsubishi Bank, getting into the business.
@ Newshounds News™
Source: Crypto Potato
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Source: Seeds of Wisdom Team RV Currency Facts
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