Japan Implements Crypto Friendly Tax Policy and HSBC Hong Kong Lets Customers Trade Crypto ETFs

Market Update Crypto markets pulled back today, $BTC is down 1.44% and $ETH is down 2.81%. Altcoins took a bigger hit, especially those that Robinhood is delisting and expected to sell later this week amid the SEC's crackdown (Cardano, Solana, and Matic). $ADA, $SOL, and $MATIC are down 4.01%, 4,13%, and 3.62%, respectively. Interestingly, many of the "DeFi 1.0" tokens (DeFi protocols launched in 2019 and 2020) saw large gains over the weekend. $AAVE, $COMP, and $SNX each rose over 30% over the weekend and have since given back some of their gains. According to on-chain data, these rallies were driven by individuals or funds buying, with one Whale purchasing $17.2M AAVE over the weekend and holding $31.8M total. Traditional markets also pulled back today. SPX and NDQ are down 0.24% and 1.05%. In a notice released on June 20, Japan's National Tax Agency provided clarity that cryptocurrency issuers in the nation will be exempt from capital gains taxes on unrealized gains. The tax committee of the ruling Liberal Democratic Party (LDP) approved a proposal in December last year to waive corporate taxes on unrealized gains for crypto startups that issue their own tokens. Japan has been reassessing its approach to taxing cryptocurrencies for over a year to retain startups within