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.
Bitcoin and cryptocurrency asset management firm Grayscale Investment has increased its assets under management (AUM) by a whopping $1 billion USD in less than a fortnight.
According to the firm’s official Twitter account, it is currently holding over $5 billion USD in net assets under management now:
07/28/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $5.1 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/x1gkDYuUZ3
— Grayscale (@GrayscaleInvest) July 28, 2020
This, looking at the previous update from July 17th, means that the company has increased its AUM by $1 billion USD in only 11 days. The AUM increased include Bitcoin Cash Trust – which more than doubled from $6 million USD to $12.8 million USD – Ethereum Trust – which increased by $174 million USD. In addition, the firm also added $12.7 million USD to its Ethereum Classic Trust and $6.7 million USD to its Litecoin Trust. Only one AUM saw a decline, which was Stellar Lumens Trust, dropping by $100,000 USD.
GBTC Halts Buying Bitcoin
While the firm is still increasing the AUM across the cryptocurrency market, it has paused adding further to its Bitcoin Trust. This came as a surprise, given how rapidly it was increasing its Bitcoin assets under management before the Bitcoin halving.
As reported, a spokesperson at the time had suggested that this is not permanent. Rather, the shift in focus represents a sign of a quieter period for Bitcoin.
“There was an administrative quiet period for the Grayscale Bitcoin Trust private placement. The Trust is now open for subscription as of Friday, July 10 at 4:00pm ET.”
It’s still to be seen whether Bitcoin’s recent price surge will change whether institutions will be enticed to invest more in Bitcoin now. Since Monday, Bitcoin price rocketed to smash its record high for 2020 – breaking above $11,000 USD. The price of the cryptocurrency hasn’t seen a recorrection yet and is maintaining a figure above $11,000 USD at the time of writing. If it can hold this price, Bitcoin might be looking at a new band of support.