The Retail CBDC will be tested in a limited retail environment with 10,000 participants and three major banks.
Thai SEC approves four crypto firms despite Zipmex woes
Thailand’s regulators are still approving crypto companies despite one of its largest ones suspending withdrawals.
Thai SEC launches digital hotline for Zipmex users
The investors affected by Zipmex’s withdrawals’ pause can submit information about their losses via an online forum on the Thai SEC’s official website.
Zipmex resumes withdrawals for trade wallets
The crypto exchange said it had $48 million in exposure with Babel Finance and $5 million with Celsius — both firms faced liquidity and insolvency issues, respectively.
Strict Thai crypto regulation causes SCB to delay Bitkub acquisition
SCB X notified the Stock Exchange of Thailand that the Bitkub acquisition is “still undergoing due diligence.”
Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors
The CEO of Thai crypto exchange Zipmex denied rumors of financial trouble just moments before the group announced it would pause withdrawals on the platform.
A ‘very ambitious’ $100M Metaverse R&D hub is being built in Melbourne
“We’re really designing a whole world,” Two Bulls founder James Kane said about the role his business will play in the yet to launch metaverse.
Huobi crypto exchange wins licenses in Dubai and New Zealand as Thai affiliate closes
Huobi cryptocurrency exchange is expanding its global footprint by winning its first-ever licenses in Dubai and New Zealand.
Huobi to permanently shut crypto operations in Thailand
Huobi Thailand failed to fix system issues despite several extensions given by the Thai SEC.
Gulf Energy pursues joint venture with Binance, invests in BNB
The Bangkok-based holding company has identified digital infrastructure and “digital-asset related initiatives” as priority areas.
Thailand SEC bans crypto payments, seeks disclosure of system failure from exchanges
Since Dec. 2021, the government of Thailand has been working on preparing a new regulatory framework by defining “red lines” for the crypto industry.
Here’s how Asian countries deal with crypto sanctions against Russia
Global regulators continue asking crypto exchanges to comply with sanctions against Russia as the country itself has no legal crypto trading platforms.
Thailand reportedly exempts 7% crypto tax for traders on authorized exchanges
The revised tax policy exempts crypto traders from the mandatory 7% VAT on authorized exchanges while offering tax exemptions of up to 10 years for crypto startup investors.
Binance back in Malaysia via a strategic stake in regulated digital exchange
Binance has forged an array of new partnerships with regulated firms, especially in countries where it has found it difficult to get regulatory approval.
Here’s how Thai Stock Exchange plans to connect crypto with its digital asset platform
The SET announced its digital asset exchange early last year, originally planning to avoid cryptocurrencies.
Bitcoin Halving To Bring The Subsequent Crypto Frenzy
According to Thailand’s largest digital asset exchange, the world’s largest cryptocurrency, Bitcoin, will go through another significant run in 2024 when it goes through yet another halving. This means that Bitcoin will substantially increase during this period. As a result, we might see even higher levels than we’ve seen thus far.
Related Reading: Bitcoin Halving Will Stir Next Crypto Frenzy
The halving is a process that occurs every four years. During the procedure, new token creation slows down to 50%. Additionally, many people believe this leads to Bitcoin price gains.
“The next halving is expected to bring about a “golden period” for Bitcoin in 2024-2025,” said Jirayut Srupsrisopa, CEO of Bitkub Capital Group. The golden period starts six months after the next halving when token creation cuts down by half.
However, digital tokens may suffer from a short period where the market is corrected and volatile as liquidity tightens. The result squeezes the fund inflows. Primarily by retail investors seeking safe-haven assets during these uncertain times, but it will not last forever.
“Institutional interest in the cryptocurrency market has caused it to change drastically,” said Jirayut, who also argued that this is because of a “big increase” with many institutions’ involvement. He cofounded Bitkub, valued at $1 billion last November, and works as its CEO for a Bangkok-based company.
Thailand To Ban Cryptocurrencies
Bitcoin was on a tear last year, gaining thousands of dollars every few weeks until it hit almost $69K in November. However, things have been much more stagnant since then, with prices sitting just below where they were in November – around $38K or so at this writing. Some people say that the decline is due to less Federal Reserve stimulus prospectively, which benefited other assets during pandemic times. However, it may have had an effect now because everyone wants stability before investing heavily into anything again.
Bitcoin trying to break $40K support to fly high. Source: Tradingview.com
Regulators worldwide have started to tighten their oversight of digital asset activity. One such example is Thailand, which plans on banning its citizens from using cryptocurrencies as payment for goods and services in an effortless move that may help boost tourism there.
Related Reading | Ethereum Classic Displayed Double-Digit Gains; What’s Next!
The country’s finance ministry has forbidden banks from dealing with cryptocurrencies. Also ordered them instead to avoid direct involvement. In addition, the government will start collecting taxes on profits from trading digital assets. The process will establish regulations for an emerging market.
In response to regulator authorities, Jirayut said;
“Regulators are trying to use the old framework to govern new invention. But, unfortunately, that doesn’t always work. Countries without the right policies would drive innovation away, push the opportunity away.”
Featured image from Pixabay, chart from TradingView.com
Thailand scraps 15% crypto capital gains tax following public backlash
The Thai Revenue Department had initially intended to tighten oversight of cryptocurrency trading after seeing substantial market growth.
Thai regulators team up to issue guidelines on digital assets payments
The joint committee of BOT, SEC and MOF believes the current payment infrastructure is efficient and digital assets would add no extra benefits.
Crypto taxation could deter investors, says Thai ruling party MP
Thai ruling party MP calls for due diligence from Excise Department to study the crypto market carefully before imposing any tax
Thailand Government Disperses Confusion Surrounding Cryptocurrency Taxation
Before now, some countries have mapped out some crypto taxes for transactions on cryptocurrency assets within their jurisdiction. Thailand is one of the countries that proposes some taxation plans.
As the new year begins, the revenue department of Thailand is setting up its measures for implementing its tax plans on crypto traders this January. The move is to provide more clarifying information on the tax over crypto-related activities.
According to the director-general of the revenue department, this month will mark the finalizing of the criteria for tax calculations which will be on crypto trading profits. The statement’s release was one week following its government’s disclosed plans to levy crypto miners and traders with a capital taxation gain of 15%.
The total crypto market cap falls below $2 trillion | Source: TradingView.com
A Bangkok Post article on Tuesday reported the instruction of Prayut Chan-o-cha, the Thai Prime Minister, to the revenue department. He told the department to analyze the issue and map out the taxation plans for the investors and the entire public.
Related Reading | Upside Potential in NFTs is Massive Says, Gary Vaynerchuk
Following the Prime Minster’s instructions, the department has engaged the Bank of Thailand in a discussion. The talk is also the country’s Stock Exchange and Security and Exchange Commission.
Cryptocurrency Investors React On Taxation Plan
The Thai Digital Asset Association, while seeking clarifications, got in touch with the revenue department on Sunday.
A local media reports that the association seeks to know more concerning withholding taxes and capital gains. Suppakrit Boonsat, the President of the Association, stated that many cryptocurrency investors accept the taxation. However, their concern is making moves that may violate the Revenue Code.
Some traders are worried that there could be back taxation or penalties to trades and profits in previous years.
According to a spokeswoman from the government, the authorities are not posing any hindrance to industrial development and innovation with fintech included. However, she warned that a rush to accept crypto trading without a thorough understanding could lead to a crypto crisis.
Thailand intends to place its new taxation only on profits from miners and traders. In addition, there is an exemption of the country’s digital asset exchanges. With the largest affiliated with commercial banks and billionaire business tycoons.
Related Reading | January Proves Turbulent For Investors But NFT And GameFi Seems To Be Eating Good
According to the latest filing requirements, those that fail to comply with the rule will be heavilThethe move. In addition, they issued some warnings to individual businesses and commercial banks concerning adopting the country’s digital assets as pa through the movement options.
In December, through the move Bank of Thailand mentioned its plan of drawing out measures for regulating crypto-related activities. The regulation, which was tagged ‘Red Lines,’ will cover both businesses and individuals within the crypto industry.
Featured image from Pixabay, chart from TradingView.com
