Japan-based brokerage firm Monex Group has announced its plans to acquire a majority stake in 3iQ Digital Holdings, a Canada-based asset manager and crypto exchange. Monex cited 3iQ’s experience in listing the first spot Bitcoin and Ether exchange-traded funds in North America as a key reason for the acquisition. The move is part of Monex’s long-term strategy to strengthen its asset management business and capture the growing demand for crypto asset management from institutional investors and exchanges worldwide.
As part of the acquisition, 3iQ plans to collaborate with Coincheck, a crypto exchange that Monex acquired in 2018. Coincheck had previously suffered a major hack, losing approximately $534 million worth of NEM tokens. The collaboration between 3iQ and Coincheck aims to leverage their respective expertise and further enhance Monex’s position in the crypto market.
Japan’s government recently introduced a tax reform that allows companies to avoid paying taxes on “unrealized gains” from crypto holdings. This reform has led to increasing adoption of blockchain and Web3 technologies in Japan, creating a favorable regulatory environment for crypto firms. Monex’s acquisition of 3iQ reflects the growing interest and potential for growth in the crypto asset management sector.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇨🇦 🇺🇸 🇯🇵 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Yuko Seimei, Fumio Kishida, Frederick Pye |
| Companies | Coincheck, 3iQ Digital Holdings, Monex Group, United States Securities and Exchange Commission, Japan’s government |
| Currencies | Bitcoin, Ethereum, NEM |
| Securities | None |
