Web3🌑 Friday Buzz: Hong Kong's Crypto Tax Breaks, Vancouver's Bitcoin Vision, and XRP's Winning Streak!
1️⃣ Hong Kong to waive crypto tax for top-tier investors.
2️⃣ Vancouver eyes becoming a Bitcoin-friendly city.
3️⃣ Ether ETFs outshine Bitcoin during ETH’s latest rally.
4️⃣ XRP leads the pack as Japan’s yen hints at Bitcoin hurdles.
📩 Stay ahead—read more in below!
Happy Friday, Web3 enthusiasts! This week’s headlines showcase the unstoppable momentum of the crypto world. Hong Kong is making waves with a bold move to waive taxes on crypto gains for sophisticated investors. Meanwhile, Vancouver’s mayor is pushing to make the city a hub for Bitcoin innovation. Ether ETFs are outshining their Bitcoin counterparts amidst a recent ETH rally, and XRP is stealing the spotlight by outperforming major cryptos as the Japanese yen hints at Bitcoin turbulence. Dive in to explore the latest updates shaping the future of digital finance and decentralized ecosystems!
1. Hong Kong to waive crypto tax for top-tier investors.
Hong Kong is taking bold steps to solidify its position as a global crypto and wealth management hub. A new proposal aims to extend tax exemptions to crypto gains for private funds, family offices, pensions, and endowments. This move seeks to attract sophisticated investors and foster blockchain innovation. Building on previous incentives, including a licensing framework for virtual asset trading platforms, the initiative reflects the city’s commitment to nurturing its digital asset ecosystem. With a stablecoin framework also in development, Hong Kong is positioning itself as a leader in the crypto space, offering clarity and opportunities for institutional investors worldwide.
Sebastian Sinclair
2. Vancouver eyes becoming a Bitcoin-friendly city.
Vancouver is set to make a bold move toward Bitcoin adoption, with Mayor Ken Sim proposing to integrate the cryptocurrency into the city’s financial system. In a motion scheduled for December 11th, Sim aims to position Vancouver as a "Bitcoin-friendly city," using Bitcoin as a hedge against inflation while driving economic growth. The proposal includes plans for allowing residents to purchase Bitcoin and possibly establishing a strategic Bitcoin reserve. As Bitcoin’s mainstream adoption grows globally, Vancouver joins the ranks of forward-thinking cities embracing blockchain technology, showcasing a commitment to innovation and financial diversification.
Christian Encila
3. Ether ETFs outshine Bitcoin during ETH’s latest rally.
Spot Ether ETFs have surged in popularity, attracting $225 million in inflows over four trading days, significantly outpacing Bitcoin ETFs, which saw $35 million. Ethereum’s recent 8% rally to over $3,590 was fueled by Tornado Cash’s partial court victory and speculation that crypto advocate Paul Atkins may lead the SEC. This regulatory optimism and Ethereum's dominance in decentralized finance (DeFi) have strengthened investor confidence. While Bitcoin ETFs had a record-breaking November, Ethereum is seen as a “catch-up trade” in this bull cycle. Rising demand for leveraged Ether ETFs highlights growing interest in the asset amid favorable market and regulatory dynamics.
Brayden Lindrea
4. XRP leads the pack as Japan’s yen hints at Bitcoin hurdles.
The crypto market showed mixed movements, with XRP leading gains, up 5% in 24 hours, while BTC held above $96,000, avoiding the anticipated Thanksgiving "massacre." ETH and SOL remained steady, ADA rose 3.5%, and DOGE dipped 1.2%. Midcap tokens like ALGO and WLD surged 21% amid low liquidity and no major catalysts. Meanwhile, the Japanese yen broke the key 150 level against the dollar due to expectations of a Bank of Japan rate hike, fueled by strong Tokyo inflation data. This triggered a cautious market mood, highlighting the yen’s impact as a safe-haven currency on risk assets like Bitcoin.
Shaurya Malwa
The Web3 space continues to evolve with groundbreaking developments, from Hong Kong's forward-thinking crypto tax incentives to Vancouver's strides toward Bitcoin-friendly policies. With Ether ETFs leading a rally and XRP outperforming its peers, the crypto market is buzzing with opportunities. As digital assets reshape finance and innovation, staying informed is key. Subscribe to our newsletter and follow us on social media to stay ahead in this dynamic world. Let’s navigate the future of Web3 together—one trend at a time!
