3 Blockchain stocks to explore in January 2023 - Kalkine Media

January 09, 2023 11:35 AM GMT | By Rishika Raina
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Highlights

  • Investments made via investment managers or local brokers by foreign investors would be exempt from taxation in the UK.
  • Investor appetite is likely to improve due to this decision.
  • There has been an upswing in the acceptance of cryptos and blockchain technology lately.

Investments made via investment managers or local brokers by foreign investors would be exempted from taxation in the UK. This decision has already come into force.

The cryptocurrency market was on a roller coaster ride last year. The investors’ sentiment was hurt as the sector crumpled as the crypto market went into a prolonged crypto winter phase. Nevertheless, when considering the larger picture, it is essential to acknowledge the fact that there has been a rise in the adoption of cryptos and blockchain technology.

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As acceptance rises, it becomes obligatory for countries to set up rules for the same. The first step in the process is undoubtedly a sound taxation system. The first news regarding the same came from the UK, which declared the application of tax exemptions on cryptocurrencies for foreigners.

When foreign investors hire an investment manager in Britain, they would not have to be subjected to UK taxation. This would potentially play a critical role in drawing foreign investors. Taking this decision into account, Kalkine Media® here explores three blockchain stocks investors can keep an eye on in January.

Quantum Blockchain Technologies Plc (LON: QBT)

The returns given by the AIM-listed blockchain investment business, Quantum Blockchain Technologies Plc, stood at 21.11% and -55.21% on YTD (year to date) and on a one-year basis, respectively, as of Monday morning. The market opened at around 8:00 AM (GMT) on the day, so QBT shares were trading at GBX 1.30. The blockchain firm’s market capitalisation stood at £12.97 million, and meanwhile its EPS (earning per share) stood in the negative zone, at -0.01.

Argo Blockchain Plc (LON: ARB)

The returns given by the globally leading cryptocurrency mining firm, Argo Blockchain Plc, stood at 98.41% and -85.07% on YTD and one-year basis, respectively, as of Monday morning. As the market opened at around 8:00 AM (GMT) on the day, ARB shares were trading at GBX 12.38, surging by 5.32%. The blockchain firm’s market capitalisation stood at £56.14 million, and meanwhile its EPS stood in the positive zone, at 0.08.

Online Blockchain Plc (LON: OBC)

The returns given by the AIM-listed blockchain research and development business, Online Blockchain Plc, stood at 44.19% and -59.23% on a YTD and one-year basis, respectively, as of Monday morning. As the market opened at around 8:00 AM (GMT), OBC shares were trading at GBX 15.50. The blockchain firm’s market capitalisation stood at £2.22 million, and meanwhile its EPS stood in the negative zone, at -0.09.

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