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How the Saint Lucia Citizenship By Investment Program Can Benefit Crypto Investors Seeking a Tax Haven

  Photo by yousef alfuhigi on Unsplash Cryptocurrency investors are always on the lookout for tax-efficient solutions to minimize their tax liabilities. One option that is gaining popularity among investors is the Saint Lucia Citizenship By Investment Program. In this article, we'll explore how this program can benefit cryptocurrency investors looking for a tax haven country. Saint Lucia is a sovereign island country located in the Caribbean Sea. Its Citizenship By Investment Program (CIP) was established in 2015, allowing investors to obtain a second passport by making a qualifying investment in the country. Saint Lucia's CIP has become a popular choice for high-net-worth individuals and entrepreneurs seeking a safe haven to protect their assets and minimize their tax liabilities. Saint Lucia's second passport permits travel to 145+ global countries visa-free, including the United Kingdom, Singapore, Hong Kong, as well as the European Union countries. The Saint Lucia pass...
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Grayscale Disapproves of Reserves Confirmation


Grayscale stated that it will not execute a proof of reserves since it is not the safest course of action to do so. In a recent Twitter discussion about the need for industry openness following the demise of FTX, Grayscale made an effort to allay the fears of its investors by assuring them that the rules that apply to its multiple businesses make an FTX-like scenario very improbable.

But now the unpleasant question is raised. How about evidence of reserves? Grayscale objected to security concerns and declined to do so. They say that while Coinbase, as custodian, conducts periodic validations, they would not divulge addresses or any other information deemed private in order to avoid changing the essence of their products.
Users can simply show that an independent auditor looked into and validated the reserves of a certain exchange or company by using the Proof of Reserves. It gathers data using Merkle Trees and generates a set of fingerprints that allow customers to confirm that their funds were correctly audited by an outside party. Following the FTX catastrophe, the latest casualty of the cryptocurrency winter that has claimed industry giants Terra, 3AC, and Celsius, the idea of proof of reserves has begun to gain significant traction in the cryptocurrency world.

The goal is to give people a mechanism to confirm a company's assets using cryptographic methods that guarantee data openness. Recently, Binance and Vitalik Buterin decided to collaborate on the implementation of a new proof-of-reserves protocol that is meant to be more effective and safe than the ones now in use.
Grayscale presently maintains the largest cryptocurrency trust in the world, making it the ideal avenue for institutional clients to gain exposure to the cryptocurrency market. But since the crypto winter, the price of each share of the trust has been roughly 40% lower than the price of BTC as an underlying asset.

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Location: Canada