Bitwise, a digital asset manager, has applied for an exchange-traded fund (ETF) based on its 10 Crypto Index Fund. The New York Stock Exchange (NYSE) Arca filed on Nov. 15 to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP).
According to a Nov. 27 filing with the United States Securities and Exchange Commission, the proposed Bitwise 10 Crypto Index Fund ETF will provide investors with indirect exposure to the underlying cryptocurrencies, while the custodian will maintain custody of the portfolio assets.
The Bitwise 10 Crypto Index Fund includes various allocations, heavily weighted toward Bitcoin BTC$94,851, and also includes Ether ETH$3,605.45, Solana SOL$235.38, Ripple’s XRP$1.44, Avalanche AVAX$42.36, Chainlink LINK$17.90, Cardano ADA$0.9882, Bitcoin Cash BCH$504.12, Uniswap UNI$12.85, and Polkadot DOT$8.16.
The filing states, 'The Trust’s only assets will be Portfolio Assets and cash. The Trust does not seek to hold any digital assets other than Portfolio Assets and has expressly disclaimed ownership of any such assets.'
Russian gov’t approves new crypto taxation framework
The Russian government is hastening to implement new cryptocurrency taxes as Bitcoin hits record highs against the ruble.
Russia's Federation Council, the upper house of parliament, has approved a federal bill introducing new taxes on cryptocurrency transactions. The legislation, approved on Nov. 27, classifies digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales. It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.
The bill passed three readings in the State Duma before receiving approval from the Federation Council. It now awaits President Vladimir Putin's signature to become law. Once signed, it will take effect upon official publication.
Hong Kong proposes tax breaks to attract crypto hedge funds, investors
Hong Kong has suggested exempting cryptocurrency gains from taxes for hedge funds, private equity, and family investment vehicles to bolster its status as a top crypto financial hub.
The proposal, which is currently in a six-week consultation period, also includes exemptions for investments in private credit, overseas property, and carbon credits, according to a report by the Financial Times.
The initiative aims to help Hong Kong compete with regional rivals like Singapore, which offers similar tax incentives, and Switzerland, known for its wealth management expertise. If implemented, the tax exemption could boost Hong Kong’s digital economy as the city aims to attract more global liquidity.
