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Crypto

The Brazilian Stock Exchange Will Launch Bitcoin And Ethereum Futures

B3, which is the Brazilian Stock Exchange, confirmed that it plans to introduce its first officially-approved product targeted toward the cryptocurrency market – bitcoin (BTC) Futures Trading within the next six months. The chief financial officer of the group, Andre Milanez, made the announcement in an interview on Monday.

Milanez didn’t provide any specifics on how the product would work. It’s unclear whether B3 will join forces or provide Bitcoin futures trading on its own however the timeline to launch this product was revealed to be quite small. “We are planning to launch bitcoin futures within about three or six months time,” the CEO said.

At the moment, in Brazil, the retail and institutional investors can trade 11 ETFs via B3 that have exposure to cryptocurrency, such as CRPT11, which is from Empiricus along with Vitreo; the NFTS11 from Investor QBTC11, QETH11, and QDFI11 both made by the QR Assets and META11 HASH11, BITH11 and ETHE11 DEFI11 WEB311 and BITH11, all of which are from Hashdex. Additionally, there is Brazil the country has more than 25 funds for investment endorsed by the Securities and Exchange Commission (CVM), which offers various types that offer exposure to the market for crypto-assets.

In January, Jochen Mielke de Lima, the director of the information technology of B3, previously stated that B3’s Brazilian stock exchange would introduce a variety of products that have exposure to cryptocurrency in 2022. These include Bitcoin, the futures market, and Ethereum (ETH) futures

The executive pointed out that the Brazilian exchange has been studying crypto markets from a technology perspective since 2016.

Crypto

Thailand Scraps 15% Crypto Capital Gains Tax Following Public Backlash

In an interesting development, the Thailand Revenue Department has scrapped the 15% capital gains tax imposed on cryptocurrency trading. As there was significant growth in this sector, the government intended to capitalize on the situation, but it received a lot of backlash from investors and the general public.

As of now, the current proposal to tax crypto capital gains at 15% has been scrapped, and a new proposal with revised rates is likely to come up for discussion. As per official guidelines, profits earned from cryptocurrency trading or mining are considered as taxable income.

The Finance Ministry had initially proposed to implement the tax on crypto capital gains from January. However, all the regulations were not clear in this regard as there was still some confusion as to how the tax would be implemented on crypto transactions. One option was to levy the tax on a yearly basis, and the other one was to ask the exchanges to deduct them at the source.

The growth for cryptocurrencies is big in this region, and the government is focused on investor protection measures so that the growth can be sustained in the long run. In the same manner, the government is also looking at issues of money laundering related to cryptocurrencies, and they want to curb such activities with proper regulation. Taxation was also an important agenda considering the growth of the sector, but the rates were very high according to local investors. Due to severe backlash from industry experts, the government has agreed to revise the rates shortly.