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- Tags: Ether Capital, Ethereum, Investment Funds, Investments, Markets News, News, Venture Capital
Posted by Jamie Redman on
This week news.Bitcoin.com spoke with Carlos Cardona from the open source Bitbox toolkit project. Over the next thirty days, Bitbox is hosting two BCH-centric hackathons that aim to bring the bitcoin cash development community together to build innovative applications using the decentralized network. Also Read: Meet Memo: An On-Chain Social Network Built on Bitcoin Cash Emerging […]
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- Tags: Business News, Capital Markets, Distributed Ledger Technology, Events, Nick Szabo, Smart Contracts, Synchronize
Posted by Helen Partz on
Thai SEC tech consultant admits the necessity of reconsidering the country’s digital asset tax framework introduced in late March.
Thailand’s Securities and Exchange Commission (Thai SEC) and Thai Fintech Association
technology consultant Bhume Bhumiratana, along with members of the local crypto community, have urged financial authorities to reconsider the country’s cryptocurrency tax framework, local news outlet Bangkok Post reported Tuesday, April 17.
According to Thailand’s proposed crypto tax framework released in late March, the value added tax (VAT) for cryptocurrency trades would be 7 percent, while returns would be subject to a capital gains tax of 15 percent.
Bhumiratana expressed concern over the introduced crypto tax law’s treatment of tokens sold in Initial Coin Offerings (ICO). He stated that tax collection from ICO-issued tokens should be considered differently from digital assets in general “because digital tokens differ in terms of asset value." The SEC consultant stated:
"It is hoped that the Finance Ministry and the Revenue Department will consider issuing another law to delay the implementation of digital asset tax."
As reported by Bangkok Post, the introduction of the digital asset tax has provoked a strong negative reaction among local cryptocurrency business owners and enthusiasts, particularly among ICO issuers.
Thuntee Sukchotrat, CEO at JIBEX cryptocurrency exchange, explained that the rights of investors should be approached with “financial and investment literacy” to allow local startups to raise funds from the Thai market. Otherwise, according to Sukchotrat, Thailand “will lose good ICO transactions to other markets."
Thailand’s government has taken an uncertain stance regarding cryptocurrency regulations previously, especially in terms of ICOs. In February, Thai crypto exchange Thai Digital Asset Exchange (TDAX) paused ICO registrations awaiting the release of regulatory framework from the Thai SEC.
Also in February, the central Bank of Thailand asked all banks in the country to stay away from cryptocurrency, advising the banks to ban customers from using credit and debit card to make crypto purchases, pending regulatory clarity. However, Thai Finance Minister Apisak Tantivorawong stated on Feb. 7 that the Thai government will not ban crypto trading, but will develop a crypto regulatory framework, as it is reportedly in the process of doing since last month.
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- Tags: Bitcoin Regulation, Cryptocurrencies, Cryptocurrency Exchange, Government, ICO, Taxes, Thailand
Posted by William Suberg on
The second quarter of 2018 could spell a fresh “bull market” across cryptocurrency, Saxo Bank analysts have determined.
Major Danish bank Saxo Bank continued its optimism regarding cryptocurrency growth in 2018 in its latest Quarterly Outlook, published April 18.
Eyeing what he describes as “springboards for a cryptocurrency bull market in Q2” this year, analyst Jacob Pouncey from the bank’s SaxoStrats in-house team of strategists queried whether crypto-assets were “entering a new cycle.”
“Historically, many of the blue chip cryptocurrencies have seen price increases in the face of global uncertainty and risk-off events such as Brexit, the election of President Trump, and the North Korean missile tests,” he wrote, continuing:
“The inflow of institutional capital to the cryptocurrency market due to the increase in regulation and investor protection could lead cryptocurrencies to a positive quarter.”
Saxo Bank is well-known for its price predictions for Bitcoin in particular. In 2016, when Bitcoin was trading between $450 and $950, analysts forecast prices hitting $2,100 the following year, something at the time it included in a list of “outrageous predictions.”
Discussing whether motivating factors could end the downward trend seen throughout Q1 meanwhile, Pouncey suggested it would soon be right to call time on the cryptocurrency bear market. He concluded:
“In my opinion, we will eventually see the end of the current, negative cryptocurrency cycle, as many of the weak hands have been shaken out by the bear market and the remaining investors are on the ready to latch onto any good news after the bad start this year.”
Recently a wave of Wall Street talent and money have been moving into the crypto space. Yesterday, April 18, Coinbase announced that hedge fund Och-Ziff Capital Management exec Alesia Haas was joining them as CFO. Also this week, former Goldman Sachs executive Breanne Madigan joined major crypto wallet Blockchain.com as the head of institutional sales and strategy. Yesterday, US-based stablecoin project Basis revealed that it had raised $133 million in funding from major VC names, including Bain Capital Ventures and Andreessen Horowitz.