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The largest federal bank in Germany, Landesbank Baden-Wurttemberg, is planning to offer cryptocurrency custody services in the second half of 2024, according to a new report.
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Says Jürgen Harengel, managing director of corporate banking at Landesbank Baden-Württemberg,

“The demand from our corporate customers for digital assets is increasing.”
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Meanwhile, Deutsche Bank and DZ Bank, Germany’s second-largest bank, are also preparing for crypto services as Europe’s Markets in Crypto-Assets (MiCA) regulation takes full effect in December 2024. ...
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dailyhodl.com

Germany’s Largest Federal Bank To Offer Crypto Custody to Institutional Clients: Report - The Daily Hodl

The largest federal bank in Germany, Landesbank Baden-Wurttemberg, is planning to offer cryptocurrency custody services in the second half of 2024, according to a new report.
dailyhodl.com dailyhodl.com
 

Cryptoverse: Hold for the halving​

April 16 (Reuters) - Could bitcoin's bumper rally just be getting started this year?

That's the question on the minds of cryptocurrency traders ahead of the upcoming bitcoin 'halving', a change in the token's underlying blockchain technology that is designed to reduce the rate at which new bitcoins are created.

Previous bitcoin halvings in 2012, 2016 and 2020 were followed by massive rallies in its price: a year after the May 2020 bitcoin halving, bitcoin was up more than 545%.

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Bitcoin ETF provider Grayscale has provided some details of its spin-off fund, the Bitcoin Mini Trust (BTC), including a more competitive 0.15% fee than the uplisted mothership GBTC product, according to a pro forma financials in its latest filing.

The filing also provides an illustrative example of the amount of Bitcoin (BTC) Grayscale will contribute to the mini fund: 63,204 bitcoin, or 10% of existing assets in GBTC, as per the filing. Shares of the BTC trust are to be issued and distributed automatically to holders of GBTC shares. (Pro forma financial statements are projections of future expenses and revenues, based on a company's past experience and future plans.)

Grayscale’s Bitcoin Mini Trust was conceived to offer GBTC investors a lower fee option that’s more competitively in line with other bitcoin ETFs approved back in January.

This spinoff is also considered a non-taxable event for GBTC’s existing shareholders, so those investors will not be expected to pay capital-gains tax to automatically transfer into the new fund. Some early stage GBTC investors with gains in the thousands of percentages would face a significant taxable event to switch to a competitor product with a lower fee.
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This will likely stem the GBTC outflows a good bit.
 

IRS Unveils Form Your Broker May Send Next Year to Report Your Crypto Moves​

The rule that calls for the new 1099-DA isn't finished, yet, but the U.S. tax agency has shared what the form might look like to report brokered sales of digital assets.​

  • The U.S. Internal Revenue Services has revealed what the agency has in mind for the first-even crypto tax reporting form.
  • Observers suggest the industry will need some more information before the draft form makes sense.
The U.S. Internal Revenue Service (IRS) has previewed what crypto investors' future tax form might look like when it finishes its much-debated rule on how cryptocurrency transactions should be reported to the federal government.

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From the link:
  • Angola’s new law effective April 10 criminalizes cryptocurrency mining, with penalties ranging from 1 to 12 years in prison.
  • Possessing cryptocurrency mining equipment can lead to 1 to 5 years in prison and confiscation of the equipment.
  • Connecting mining equipment to Angola’s national power system could result in 3 to 12 years of imprisonment.
Angola laid down the law on April 10 with a new rule, the “Law on the Prohibition of Cryptocurrency and Other Virtual Asset Mining,” that flips the script on crypto enthusiasts. Under this rule, tapping into your computer to mine cryptocurrencies now lands you in hot water, legally speaking, with punishments ranging from a year to a whopping twelve in the slammer.

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Angola seems like a backwards ass shithole. Crypto mining is just computing. If economics of computing/energy work to the benefit of crypto miners, that's just a free market at work, isn't it? Either the value of crypto goes down (governments need to strengthen value of their fiat) or the cost of power goes up (hurts the rest of the economy). Crypto is a symptom of an unbalance in the value of fiat and energy. It isn't the root cause of problems with the energy grid.
 


I don't know how they did their analysis, but if that $77k number is right, that's mind blowing (to me). Coulda, shoulda, woulda mined some BTC a decade ago when you could do it easily with a home computer
 
The first wave of spot Bitcoin and Ether exchange-traded funds (ETFs) have been officially approved to start trading in Hong Kong on April 30.

Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), announced the official approval of the first batch of spot Bitcoin (BTC) and Ether (ETH) ETFs on April 24, according to a press release shared with Cointelegraph.
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Unlike the cash-creation model of the United States spot Bitcoin ETFs, Hong Kong aims to offer in-kind creation models for ETFs that enable the creation of new ETF shares by using BTC and ETH.

Hong Kong’s in-kind ETF creation model could be a significant opportunity to considerably increase assets under management (AUM) and trading volume for these products, according to a research note by Bloomberg ETF analyst Rebecca Sin, shared in a March 26 X post by Eric Balchunas:
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Morgan Stanley has been positive about Bitcoin since the approval of Bitcoin ETFs, and the bank opened up Bitcoin ETF purchases to its clients shortly after their launch. However, until now, these purchases have only been available on an unsolicited basis, meaning that brokers could not actively pitch the products to their clients.

The potential change in policy would enable Morgan Stanley brokers to recommend Bitcoin ETFs to their customers proactively.

A Morgan Stanley executive, as reported by AdvisorHub, stated, "We're going to make sure that we're very careful about it...we are going to make sure everybody has access to it. We just want to do it in a controlled way."
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