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DeFi Technologies, a publicly traded Canadian firm, has announced the launch of its subsidiary Valour Inc.’s new product—the Valour Dogecoin (DOGE) ETP—on the Sweden-based Spotlight Stock Market, according to a Nov. 26 statement.
This marks the first Dogecoin ETP in the Nordics, giving investors a secure and simplified way to gain exposure to the popular digital asset.
The Valour Dogecoin (DOGE) SEK ETP is designed to eliminate the complexities of directly owning digital assets. The fund charges a management fee of 1.9% while providing a cost-effective and streamlined way for investors to participate in the growing crypto market.
Johanna Belitz, Head of Nordics at Valour, highlighted the launch’s importance, stating that the increasing demand for Dogecoin aligns with the company’s mission to provide timely access to high-demand digital assets. She added:
“The growing popularity of Dogecoin, bolstered by influential figures like Elon Musk, highlights our commitment to delivering innovative and diversified investment opportunities in the Nordics.”
Meanwhile, the Dogecoin ETP reflects a more significant trend of institutional interest in making digital assets more accessible to investors. Since the introduction of Bitcoin and Ethereum ETFs in the US, traditional financial institutions have diversified their offerings to include assets like Solana and XRP.
Additionally, Dogecoin has gained traction among institutions, exemplified by Spirit Blockchain Capital’s acquisition of Dogecoin Holdings. This move indicates plans to develop new financial products to expand the meme coin’s utility and adoption.
DOGE price
This launch coincides with heightened activity in the crypto market.
Dogecoin recently surged to a three-year high, buoyed by Bitcoin’s rally near the $100,000 mark. However, according to CryptoSlate’s data, DOGE has retraced by 11% to $0.3731 as of press time.
Despite this dip, Dogecoin remains a focal point in the crypto ecosystem due to its unique cultural significance and consistent promotion by influential supporters like tech billionaire Elon Musk.
The post Dogecoin gains ground in Nordics with first-ever ETP introduction appeared first on CryptoSlate.
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For the last few years, Portugal has become a safe haven for crypto investors.
With many having moved there throughout the pandemic, as crypto rocketed up to high after high, the rug is now being pulled out from under them.
The Portuguese government has proposed a new cryptocurrency tax policy as part of its 2023 national budget. Contained within the 450-page document covering all things fiscal, is a 28% capital gains tax on cryptocurrency gains.
This 28% capital gains tax is the standard within Portugal, meaning it is no longer a paradise for crypto bros and brodettes. Tacked on, too, is a 4% tax on free crypto transfers as well as further stamp duties in certain instances.
Importantly, however, gains via sales of crypto held for greater than one year will still be exempt from such tax. This means the capital gains tax proposed is more of trading tax, in reality.
Portugal had previously hinted at this
This move does not come as a surprise. Minister of Finance Fernando Medina had announced in May that the move to bring cryptocurrency within the capital gains net would come sooner rather than later.
The decision comes off the back of the move to reclassify cryptocurrency as an investment rather than money, meaning it will now get caught by capital gains tax.
Lisbon and Madeira
Lisbon, the capital city of Portugal, is viewed as one of the European crypto hubs, partially due to the (previously? ) lax crypto laws. Portugal also offers an easier route than many nations to residency, further attracting crypto investors.
It will be interesting to see how this will affect things going forward. The race between jurisdictions to establish themselves as European crypto hotspots has been competitive. Maderia, the Portuguese island from where superstar footballer Cristiano Ronaldo hails, sent a signal of intent at the most recent Bitcoin conference in Miami by announcing Bitcoin as legal tender.
Lugano, a small city in Switzerland, are the only other spot in Europe where Bitcoin is de facto legal tender. In addition to Bitcoin, the stablecoin Tether is also de facto legal tender, while a Lugano-specific stablecoin is also in the works.
Final thoughts
As the bear market roars and investors are hurting everywhere, it does bear reminding that one needs to secure gains to be caught by capital gains tax.
The move to charge capital gains tax likely won’t hurt in the short term, therefore. Remember, any gains from longer than a year ago are immune. And given Bitcoin traded at $69,000 eleven months ago, it’s probably unlikely that there are many traders worried about this 28% tax imminently. Silver lining?
Nonetheless, it will be interesting to track whether crypto enthusiasts begin to set up shop elsewhere, as Lugano and other places continue to push to attract their digital money.