Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
While small businesses and startups across the world were hit hard by the global pandemic, cryptocurrency and blockchain-focused businesses have seen tremendous success in the past year reaching up to 680% increases in the past eight months. According to a report by Swiss venture capital company Crypto Valley Venture Capital (CV VC), fifty crypto firms in Zug are boasting massive gains in the past months.
Crypto companies increasing in value and quantities
As reported in the “Top 50 Report” by the Venture Capital, the region’s fifty largest organisations have increased from around $37.5 billion USD from July 2020 to looking at a whopping $254.9 billion USD as of last month. Not only are the largest firms seeing increases, but the region is growing across the market too.
The number of blockchain-focused companies grew by over 4% in the past eight months according to CV VC and the hiring within the companies has increased too. Since July last year, the number of employees employed in the cryptocurrency industry in Zug has increased by nearly 9%.
Has cryptocurrency weathered the pandemic?
The founder of CV VC Mathias Ruch commented on the expectations and outcome from the pandemic, noting that this could give the industry a confident boost in the direction of more adoption and use-cases in cryptocurrency:
“After entering the Corona crisis in March 2020 with certain fears, we are now confident about the future. The positive development was already apparent in September. New startups are continuously being founded and actively choosing Crypto Valley as their home.”
As the author of the report noted, Switzerland stands as one of the best places for cryptocurrency projects to excel. With Zug known as the crypto hub in the world, it’s not surprising that this would be where the industry is seeing quality gains. He noted that the region has one of the world’s “most advanced Blockchain legislations and has thus created a strong and solid foundation for the future prosperity of Crypto Valley.”