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More Corporate Treasuries gradually adopt Digital Assets
The Digital Assets Ecosystem has already experienced at least three bear phases in its 13-year history. The public reaction usually repeats a pre-established script: detractors publish their epitaphs declaring the death of Bitcoin and boast of having predicted the imminent bursting of the bubble; the mass media publishes less news on the subject and, in general, the noise and commotion typical of bullish phases wanes. However, in silence, the industry continues to build.
Under this same discretion, 12,000 Brazilian companies declare that they are using Digital Assets in their Treasury strategies. And not for a trivial amount. Around US$ 2B are being managed in bitcoin, stablecoins and other assets by such companies. This ratifies that in countries where there are difficulties for capital movement, cross-border digital instruments such as Digital Assets will be useful and in demand regardless of price drops.
Bank of New York Mellon, the oldest operating bank in the United States, and technology giant Google, which are adopting Digital Assets in their respective businesses, only confirms that the strongest pieces of the Ecosystem are put in place during downturns rather than upturns when the downside risk is much greater.
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Bank of New York Mellon becomes custodian of Digital Assets
The oldest bank in the United States becomes the first major banking institution in the country to be licensed to custody Digital Assets on the same platform where it manages traditional investments.
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12,000 Brazilian companies use stablecoins in their Treasuries
Stablecoins are increasingly present in corporate treasury strategies in Latin America. This is reflected in data recently published by the Brazilian Federal Revenue Secretariat, which shows that 12,000 companies in the country keep at least US$ 2B in Digital Assets in their treasuries.
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Société Générale obtains Digital Assets provider license in France
The French bank, founded in 1864 and with US$1.36B in AUM by 2020, obtained regulatory approval from the French Financial Markets Authority to custody, sell and trade Digital Assets.
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Accounting reports on Digital Asset holdings are facilitated by this method
The Financial Accounting Standards Board (FASB) proposes that companies use fair value measurement to more accurately reflect their Digital Asset holdings by mitigating the effects of volatility.
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Google to accept Digital Asset payments for cloud services
Google Cloud will use Coinbase's technology to allow certain customers to pay with Digital Assets for its services starting in 2023, although the plan is to expand the offering to a wider range of customers.
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U.S. annual inflation exceeds 8.2% in September
According to the latest U.S. Consumer Price Index data, September inflation increased 0.4% over the previous month, while the annual rate was 8.2%, down from 8.3% reported for August.
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JP Morgan and Visa to use blockchain for cross-border payments
The banking and payments giants have teamed up to bring together their private blockchain networks, Liink and B2B Connect, to optimize international payments.
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MiCA Law for Digital Assets in Europe nears entry into force
European lawmakers voted 28 to 1 in favor of the latest version of the Markets in Crypto Assets (MiCA) regulation, taking another step forward in what looks set to be the definitive legal framework for Digital Assets in the European Union. The law would come into force 12 to 18 months after the law is published in the official gazette of the Parliament, which could be as early as next spring.
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OECD publishes new framework for Digital Assets tax reporting
The Organization for Economic Co-operation and Development (OECD) intends its new framework to automate the collection and exchange of information on Digital Assets transactions to increase the visibility of taxpayers' tax events.
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Portugal to tax Digital Assets gains in 2023
Portugal, so far one of the most tax-friendly destinations in Europe, plans to charge 28% tax on gains from Digital Assets held for less than a year from 2023, according to a parliamentary proposal.
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Not all stablecoins are so stable, FSB says
The Financial Stability Board (FSB), which brings together central bankers from G20 countries, published a report warning about the lack of mechanisms to ensure stability in certain stablecoins.
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Affluent Millennials prefer Digital Assets to the stock market
A Bank of America survey found that young Americans have lost confidence in traditional investments as a vehicle for wealth creation, finding greater appeal in the Digital Assets market.
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Treasury Department sued for sanctioning Tornado Cash
U.S.-based think tank Coin Center introduced a lawsuit against the Treasury Department, claiming that they overstepped their authority by sanctioning Ethereum-based open-source software Tornado Cash.
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Tether removes commercial paper from its reserves
USDT issuer Tether replaced all of its commercial paper reserves with U.S. Treasury bills, seeking to reduce criticism about the potential instability of its stablecoin.
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WisdomTree's bitcoin ETF application rejected by SEC
WisdomTree's bitcoin spot ETF application is the latest in a series of rejections by the U.S. Securities and Exchange Commission (SEC) that it has made to spot BTC Exchange Traded Funds.
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Solidus Capital is the leading firm in Digital Assets, which provides exclusive, agnostic, and institutional services such as Liquidity, Custody Solutions, Wealth (Private Accounts and Portfolio Management), Multi-Strategy Funds, Private Placements, and other sophisticated products in conjunction with bespoke accompaniment to High Net Worth Individuals, Family Offices, Companies, Wealth Managers and Banks.
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By relying on Solidus' services, investors avoid the classic fatal mistakes:
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- Lacking information in the context and moments of the market
- Executing operations inefficiently
- Using unreliable service providers and infrastructure
- Closing of accounts and freezing of funds
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