Monex Group, a Japan-based brokerage firm, asset manager, and cryptocurrency exchange, has announced its intention to acquire a majority stake in 3iQ Digital Holdings. The decision is motivated by 3iQ’s expertise in listing some of the earliest spot Bitcoin and Ether exchange-traded funds (ETFs) in North America. 3iQ, based in Canada, introduced a Bitcoin fund in 2020, establishing a foothold in the market years before potential approval for similar products by the United States Securities and Exchange Commission.
Monex’s CEO, Yuko Seimei, outlined the long-term strategy of strengthening their asset management business. By bringing 3iQ into the group, Monex aims to achieve substantial growth by meeting the crypto asset management needs of institutional investors and crypto asset exchanges worldwide. These needs are anticipated to increase in the future.
Frederick Pye, Chair, and CEO of 3iQ, mentioned plans for collaboration with Coincheck as part of the acquisition. Monex had acquired Coincheck in 2018 following one of the most significant hacks in the history of the crypto space, involving approximately $534 million worth of NEM tokens.
This move comes amid changes in the regulatory landscape in Japan, where the government introduced a tax reform in December that could allow companies to avoid taxes on “unrealized gains” from crypto holdings. Despite previous challenges leading some crypto firms to cease operations in Japan, the country has been experiencing increasing adoption of blockchain and Web3 technologies under Prime Minister Fumio Kishida.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up