Countries with high taxes on cryptocurrency buying, selling, and holding have seen a surge in migration to nations with low and favorable taxes.
Christian Angermayer Leaves England
Christian Angermayer, the founder of Apeiron Investment Group and a well-known investor, has left England and moved to Lugano, Switzerland. His major investments are in life sciences, fintech, AI, psychedelics, and crypto. As of writing, his real-time net worth was $1.1 billion, making him the 2699th richest person in the world.
Lugano's Support for Crypto Payments
The city of Lugano has made several amendments to its tax policies, and in December, it announced that it had begun accepting tax payments in Bitcoin and Tether. Angermayer's decision to move to Lugano was appreciated, as Switzerland exempts taxes on holding or selling cryptocurrencies, meaning no taxes on profit booked by trading cryptos. Switzerland is competing with other evolving crypto markets, such as the United Arab Emirates, India, and Hong Kong.
Crypto Market News Update
Data from CryptoSlam.io notes that Known Origin #74758 became the most expensive NFT in the past 24 hours, selling for $145,215, followed by Bitcoin Shroom #91 at $63,350. The NFT sales volume of the vast market surged more than 22%, reaching $13,692,196. In recent days, ETFs have seen significant traction; the U.S. Bitcoin ETF market saw a daily net inflow of $365.50 million. Despite this inflow, the Bitcoin ETF by Grayscale (GBTC) continues to bleed, reflecting an outflow of $7.73 million and a cumulative net inflow of $20.01 billion. IBIT by BlackRock continues to expand its presence and dominance over the ETF market; its Bitcoin holdings recently surpassed those of GBTC. On September 27, 2024, the SEC greenlighted Bank of New York Mellon Corp for crypto custody above Exchange Traded Funds. In a discussion with media professionals, the president of Ripple noted that the company’s stablecoin backed by the U.S dollar will debut on the market soon, pending approval from the SEC.
The cryptocurrency market continues to show significant growth and changes, despite tax and regulatory challenges in various countries. This case exemplifies how individual and corporate decisions can significantly impact the market and shape its future.
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