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.
According to newly released data, there has been no decline in institutional interest in buying cryptocurrency. This comes despite the 60% decrease from institutional investors buying crypto-based Exchange Traded Funds (ETFs).
Financial services firm Brown Brothers Harriman (BBH) released insights into investors that are interested in crypto ETFs. According to the results from respondents over the United States, the United Kingdom, European nations, and China, nearly 75% of institutional investors are either “extremely” or “very” interested in crypto ETFs. At the same time, however, there has been only 25% that have either bought crypto ETFs or anticipate buying digital ETFs within the next year. This stands as a 6% decline, despite the interest shown.
The findings of our 2023 Global ETF Investor survey are out. Explore the report to learn about the shifts ETF investors are making in the face of macro and market changes, and what the last decade in ETFs can tell us about the next ten years. https://t.co/KeTeAUfz8G#ETFs pic.twitter.com/ueDlwvynNQ
— Brown Brothers Harriman (@bbh) April 3, 2023
According to BBH, the increased interest in crypto ETFs is likely owing to gained trust from investors and fund managers in the crypto industry. Further, the firm believes that better structured regulation in the space will help adoption in the industry. More ETF exposure will also likely create more confidence in the overall crypto sector.
“As investors adapt to volatility, they are diversifying their portfolios and adding more innovative products. Even with a tumultuous year in crypto, interest hasn’t cooled entirely… Initiatives such as the draft regulation from the EU’s Markets in Crypto Assets proposal is expected to significantly ‘derisk’ investments in crypto assets for asset managers and provide an ‘additional layer of comfort’ for fund managers to engage with crypto exchange.”
The top performing and largest crypto ETF that institutional firms are buying include ProShares Bitcoin Strategy (BITO).