Japanese investment firm Metaplanet Inc. announced the purchase of an additional 124.1 BTC, valued at approximately $11.3 million, prompting a 15.1% rise in shares.
Metaplanet's New Bitcoin Purchase
This recent acquisition increased Metaplanet’s total Bitcoin holdings to 1,142.2 BTC, worth $104.8 million. The Tokyo-listed firm’s stock closed at 2,295 yen, with a trading volume of 21.9 billion yen ($141.7 million). Year-to-date, the company's stock has surged by 1,334%. The May announcement to incorporate Bitcoin as a part of its strategic reserves is reinforced by this latest purchase. Metaplanet has reported a 186.9% yield on its Bitcoin holdings from October 1 to November 19. The firm also issued bonds totaling 1.75 billion yen ($11.3 million) to finance further Bitcoin acquisitions.
Russia's Crypto Tax Regulation Changes
A significant development came as the Russian government approved draft amendments to its tax laws regarding cryptocurrencies. According to Interfax, cryptocurrencies will now be classified as property for tax purposes, meaning income from mining will be taxed based on market value at the time of receipt, with expenses deductible from taxable income. Crypto transactions will be exempt from VAT, and crypto trading income will be taxed similarly to securities transactions, with a maximum personal income tax rate of 15%.
Impact on the Cryptocurrency Market
New regulations require mining operators to report user information. These proposals aim to balance business interests with government regulations, with the Russian Finance Ministry aiming for a more regulated and stable crypto market. The adoption of Bitcoin as a reserve asset by firms like Metaplanet and regulatory changes in Russia indicate increasing integration of cryptocurrencies into corporate strategies and government frameworks. It signals growing maturity in the crypto market and its increasing role in the global financial system.
The convergence of corporate strategies with regulatory developments in countries like Russia points to the crypto market's maturity and its growing role in the global financial system.
