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.
Goldman Sachs is reportedly planning to offer Ether derivatives as a product in the next few months as part of the greater adoption of cryptocurrency.
Despite the investment bank’s initial critical approach to the cryptocurrency industry, it is now looking to offer services of digital products to customers, including the second leading cryptocurrency as part of Ether options and futures. Speaking with Bloomberg, Goldman’s managing director of digital assets Mathew McDermott noted that the demand for cryptocurrencies has continued to increase even though the market has faced a wave of dipping prices. He said:
“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective….”
He continued to speak about institutional investment, offering:
“Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space.”
Not only has the institutional interest been experienced from outside the firm, but Goldman itself has been expanding its cryptocurrency investment too. Over the past year, the digital assets department has grown from 4 people to a team of 17 in the firm. The bank has also invested in several cryptocurrency start-ups, like putting $5 million USD into a fundraising round by Blockdaemon. Just last month, the bank also led a $15 million USD investment into Coin Metrics with McDermott joining the company’s board.
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Since the well-anticipated spot Bitcoin ETF event is over, some industry experts have turned to warning signals for the the road ahead.
Bitwise revealed that in the month after past BTC halving price saw a little movement but in the following year it saw significant gains.
The Blockchain for Good Alliance alliance is joined by numerous organisations including Bybit Web3, Solana Foundation, Moledao and others.