Monday🌕Web3 Roundup: Hong Kong's Tax Breaks, Tether's BTC Reserves, Hayes' Election Hedge, & Metaplanet's BTC Milestone!
1️⃣ Hong Kong eyes tax breaks for top crypto investors
2️⃣ Tether secures stability with 82K+ BTC reserves
3️⃣ Arthur Hayes hedges U.S. election risk via staked USDe
4️⃣ Metaplanet leads Asia with 1,000+ BTC holdings
Stay tuned for more insights!✨
Happy Monday! As we kick off the week, it’s time to dive into the latest developments shaping the Web3 landscape. From Hong Kong considering tax incentives for top crypto investors to Tether reinforcing its stability with significant Bitcoin reserves, the crypto world is buzzing with activity. Meanwhile, Arthur Hayes is strategically hedging against U.S. election risks using staked USDe, while Metaplanet has emerged as a leader in Asia with over 1,000 BTC holdings. Join us as we unpack these exciting stories and explore their potential impact on the digital asset ecosystem!
1. Hong Kong eyes tax breaks for top crypto investors
Hong Kong is set to introduce new tax incentives by year-end, targeting family offices and private funds investing in crypto for wealthy clients. The goal is to foster a favorable environment for blockchain and digital finance, solidifying the region as a global hub for digital assets. Existing incentives include profit tax exemptions and near-zero tax on private equity carried interest. Alongside these initiatives, Hong Kong will roll out policies on stablecoins and establish a regulatory framework for custodians and OTC crypto trading in 2024. These efforts build on the region’s recent licensing regime to enhance investor protection and platform compliance.
Sebastian Sinclair
2. Tether secures stability with 82K+ BTC reserves
Tether has strengthened USDT’s stability by adding over 82,000 Bitcoin (valued at $5.58B) and $3.87B in gold to its reserves. This move signals confidence in Bitcoin and aims to diversify risk, ensuring stronger backing for the stablecoin. By holding BTC and gold, Tether seeks to reduce volatility impacts from traditional and crypto markets, providing more stable trading conditions. The increased Bitcoin reserves could also influence BTC’s price through higher demand and improve investor confidence. While reliance on Bitcoin carries some risk, Tether’s strategy reflects a commitment to transparency and long-term stability, supporting trust during uncertain market conditions.
Erastus Chami
3. Arthur Hayes hedges U.S. election risk via staked USDe
Arthur Hayes, CIO of Maelstrom and BitMEX co-founder, is hedging U.S. election uncertainty by allocating 5% of the fund to staked USDe, earning 13% yield, while maintaining large bullish positions in Bitcoin (BTC), Ether (ETH), and other cryptocurrencies. Hayes believes the election outcome won’t change crypto’s long-term bullish trajectory, as both candidates are expected to continue heavy spending. However, short-term volatility could arise if social unrest follows the election or if geopolitical tensions escalate. Maelstrom plans to deploy more funds into crypto after the election settles, emphasizing careful position sizing and low leverage to navigate market risks effectively.
Omkar Godbole
4. Metaplanet leads Asia with 1,000+ BTC holdings
Japan-based Metaplanet has achieved a significant milestone by surpassing 1,000 Bitcoin (BTC) holdings. On October 28, the company announced it acquired 156.78 BTC for $10.4 million, raising its total to 1,018.17 BTC, valued at approximately $68.8 million. This move aligns with Metaplanet’s strategy to make Bitcoin a strategic reserve asset, leading to rapid accumulation, particularly from September 30 to October 28. The firm’s Bitcoin yield surged to 155.8% during this period, establishing it as Asia's largest publicly traded Bitcoin holder and ranking it among the top 20 globally. CEO Simon Gerovich indicated plans for further accumulation.
Oluwapelumi Adejumo
As we wrap up this week's Web3 roundup, it's clear that the landscape is evolving rapidly, with significant moves from key players like Hong Kong, Tether, Arthur Hayes, and Metaplanet. These developments not only reflect the growing institutional interest in cryptocurrencies but also highlight the strategic shifts being made to navigate the current market uncertainties. As the industry continues to mature, staying informed will be crucial for investors and enthusiasts alike. Be sure to join us next time for more insights and updates on the ever-changing world of Web3. Until then, keep exploring and engaging with the crypto community!
