March 25 – 31, 2019 | Bitcoin for Canadian Property Tax, Advisor Education & More Crypto News

3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.


Innisfil, Ontario will Soon Accept Bitcoin for Property Tax

March 28 – Innisfil, a small town in Ontario, has recently announced that will start accepting bitcoin as a means of payment for property tax. The trial is expected to last one year, beginning in the month of April 2019. The official announcement came from the municipality, where they said the town’s 36,000 residents will be able to pay in bitcoin using a third-party service provider.

The service provider that will facilitate the bitcoin transactions is the Toronto-based cryptocurrency trading firm Coinberry. Through Coinberry’s cryptocurrency payments solution Coinberry Pay, the bitcoin will be held in escrow, then converted and transacted in Canadian dollars to complete the bill payment. The bitcoin, and therefore the transfer of value in Canadian dollars, would be processed “in accordance with strict adherence to existing financial regulatory requirements.”

Read the full article here.


Advisors Change Opinions on Bitcoin and Cryptoassets After Advisor Education Session

March 29 – The Barron’s Top Independent Advisor summit highlighted the importance of investment advisor education in the digital assets sector. The Blockchain and Cryptoasset Pre-Event was held during the advisor summit at the Grand America Hotel in Salt Lake City on March 20. According to the financial advisor and educator Ric Edelman, the event dramatically shifted investment advisors’ opinions on cryptoassets. The event was sponsored by the Advisor Blockchain and Cryptoassets Council, which is made up of several leading names in both the digital assets and investment management, including VanEck, Bitwise Investments, Pantera Capital, and Grayscale Investments.

The meeting gathered information by sampling the participating advisors through a survey. At the beginning of the event, around 96% of the participating investment advisors said they had not advised their clients to invest in cryptoassets, but by time the event ended, 89% said they have a more favourable view of cryptoassets, and 89% also no longer believe bitcoin is a speculation. Other data from the survey indicated that 71% of advisors raised their future bitcoin price targets, and 91% will stop discouraging clients to buy cryptoassets.

Read the full press release here.


Fidelity Reportedly Packed With Hundreds of “Rabid” Bitcoin Supporters

March 29 – Crypto investor and co-founder of Blocktower capital Ari Paul tweeted that the major investment management firm Fidelity has hundreds of rabid bitcoin fans within the company. The tweet also suggests that Fidelity has “more people working on crypto than the 5 biggest crypto funds combined”. Fidelity has long been publicly reported to have backed bitcoin and crypto custody, so it may come as no surprise that there is support at its executive levels.

“Their approach to custody from a security perspective is very impressive (at least from my relatively quick look.) Not many groups actively mitigating things like HSM supply chain risk,” said Paul.

Read the full article here.


Major Crypto Firm LocalBitcoins Adds KYC/AML to Services

March 27 – LocalBitcoins released a statement on March 25, 2019 noting that their service will have to comply with European regulations and face oversight similar to the US market. The service did previously allow its users to conduct buy and sells orders somewhat anonymously. The new anti-money-laundering (AML) and know-your-customer (KYC) procedures will be implemented and the service will continue to operate until the compliance deadline of November 2019.

The platform has long been a catalyst for growth of investment and adoption, particularly in developing markets. Data from LocalBitcoins shows a significant demand comes from countries that have suffered high inflation rates as people turn to bitcoin for its store of value. Read the full article here.

“The Virtual Currency Service Providers Act will come into full effect in the beginning of November 2019 creating a legal status for crypto assets, which should improve significantly Bitcoin’s standing as a viable and legit financial network,” according to the statement. “We have launched a new account registration process where users can verify basic information already during sign-up, making it easier for the newcomer to find trading partners … and increasing the number of suitable customers to advertisers as well as inhibiting the creation of illegitimate accounts,” said LocalBitcoins in the statement.

Read the full article here.


Litecoin Price Sets Record Quarterly Performance

March 28 – Litecoin, the second cryptocurrency ever introduced and fourth largest by market capitalization, has posted a record quarterly performance figure. In Q1 2019, litecoin posted gains of over 100%, growing from $30 to around $61. Litecoin broke its four-quarter losing streak where the cryptocurrency suffered losses of around 86%, according to Bitfinex data.

The price gains seen in the Q1 of 2019 could potentially be associated with the mining reward halving, which is coming later this year. Notably, the halving process is repeated every four years, and historical data suggests that the halving often sets a floor on prices approximately six to seven months in advance.

Read the full article here.


3iQ Global Cryptoasset Fund: Price as at March 28, 2019

3iQ is the first regulator approved multi-cryptoasset portfolio manager in Canada, providing accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.


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2019-04-09T09:40:12-04:00 March 31st, 2019|