Grayscale, the biggest asset manager for digital currencies, has revealed OTC trading in three altcoin-related trusts: Zcash, Stellar Lumen, and Horizen.

The trusts started trading in the OTC market of OTCQX under the symbols ZCSH, GXLM, and HZEN.

MILESTONE: Grayscale #Zcash Trust, Grayscale #StellarLumens Trust, and Grayscale #Horizen Trust are all now trading on @OTCMarkets under their respective symbols: $ZCSH, $GXLM, and $HZEN. Read more: https://t.co/ZuKvy1odPb (1/2) pic.twitter.com/3fG34cS2bw

— Grayscale (@Grayscale) October 18, 2021

The trusts are owned by Grayscale and are designed for investors to be exposed to price movements of the underlying assets. The major advantage for investors will be exposure to the market without having to go through the acquisition, storage, and custody of the assets.

Grayscale Plans To Convert Their Bitcoin Trust Into A BTC Spot ETF As Grayscale Believes Spot ETFs Are Far Better For Investors Than Bitcoin Futures ETFs.

Digital asset manager Grayscale Investments plans to convert their Bitcoin trust to a Spot Exchange Traded Fund (ETF).

According to CNBC, a person with knowledge of the matter told that Grayscale will immediately send documents to the SEC for approval when the agency approves the first futures ETF.

Grayscale’s plans to transform the Bitcoin Trust (GBTC) into an exchange-traded fund became known back in April. At that time the company said that its products are at different stages of the life cycle, but “each of them in the future will be transformed into ETFs.”

GBTC is the largest trust managed by Grayscale. As of October 15, its volume was $38.68 billion. The total AUM is estimated to be $52.6 billion.

CNBC writes:

“Grayscale Investments plans on filing an application to convert the world’s biggest bitcoin fund into a spot ETF early next week, according to a person with knowledge of the matter.

The investment firm had intended to file its application to the Securities and Exchange Commission as soon as the agency allowed efforts by competitors for a futures-based bitcoin ETF, said the person. That happened late Friday.”

Grayscale CEO Mike Sonnenstein believes the regulator is making a mistake by approving futures funds before spot ones. He called the SEC’s position “short-sighted” and said that such a product would only harm investors.

Potential South Korean presidential candidates are pushing for a postponement of the cryptocurrency tax to attract Generation Y and Z voters.

The ruling Democratic Party and a number of South Korean opposition parties have opposed the cryptocurrency income tax bill, which was supposed to take effect from January 2022.

Lee Jae-Myung, the Democratic presidential candidate, said in May that the cryptocurrency tax should be introduced one year after the election.

His opponent Hong Jun-Pyo, who intends to run for president from the Conservative Party, criticized the tax policy, calling it insensitive, and said the tax law would lead to the regression of the crypto industry. Four more parties have put forward proposals to abolish the taxation of income from cryptocurrencies.

This decision is probably dictated by the fact that investors between the ages of 20 and 30 are opposed to income tax on cryptocurrencies. Generations Y and Z have more cryptocurrency capital than older generations, and taxation will have a major impact on their financial well-being.

According to the Financial Services Commission of South Korea, the number of cryptocurrency investors between the ages of 20 and 30 represents almost 60% of the total number of investors on the four major exchanges in South Korea as of Q1 2021.

Therefore, the political agenda for taxing income from cryptocurrencies is becoming an important variable in the upcoming elections.

Cha Dong-jun, professor of taxation at Kyungbok University, believes the news of the upcoming presidential election in March 2022 influenced the comments and suggestions of legislators.

In his opinion, the National Assembly will consider the proposed bills to defer the introduction of income tax on cryptocurrencies in December 2021, which coincides with the pre-election season.

“I think there is a good chance that the tax legislation will be canceled. Both parties will not risk losing their votes, ” said Cha Dong Chung.

Note that 20% income tax on cryptocurrencies over 2.5 million won (about $2,105) will be introduced from January 1, 2022, and 20% tax on equity capital gains from 50 million ($42,100) – from January 1, 2023.

Outraged investors sent two petitions to the government, but they were rejected. Curiously, South Korea’s NFT income will not be taxed.