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The decree to regulate cryptocurrencies and initial coin offerings in Thailand goes into effect on Monday. The government has also revised the country’s tax code to add crypto taxation. Sellers of digital tokens will face a fine or even jail time if they fail to register with the regulator within 90 days.
Crypto Law In Effect
The Thai government’s decree to regulate cryptocurrencies and initial coin offerings (ICOs) goes into effect on Monday. The Digital Asset Management Act BE 2561 was approved by the Thai cabinet in March and has been amended since.
The revision of the Revenue Code No. 19 was also announced in order to tax crypto profits at 15%, according to local media. Finance Minister Apisak Tantivorawong previously said, as reported by the Bangkok Post:
It [the decree] was not meant to prohibit cryptocurrencies, initial coin offerings (ICOs) and other digital asset-related transactions, but to protect investors.
Power to the Thai SEC
According to the decree, the Thai Securities and Exchange Commission (SEC) has the duty and the authority to regulate digital currencies and their operators, Matichon reported.
The publication outlines four areas the SEC will be responsible for. The first is to regulate the issuance and offering of cryptocurrencies and digital asset businesses. The second is to set the fees and requirements for the registration and approval of cryptocurrencies and their operators. The third is to establish a guideline for dealing with potential problems. The fourth concerns all other areas not previously mentioned.
“All sellers are required to register with the SEC within 90 days of the law taking effect,” the Bangkok Post wrote, adding that:
Sellers of digital tokens unauthorized by the SEC will be fined no more than twice the value of the digital transaction or at least 500,000 baht [~US$ 15,703]. They could also face a jail term of up to two years.
The news outlet elaborated that “the [finance] ministry and SEC will now work on organic laws requiring all digital asset transactions, including those of digital asset exchanges, brokers, and dealers, to be registered with the relevant authorities according to the decree.”
Despite the new rules and direction presented in the decree, the Bank of Thailand (BOT) says that it will wait for the SEC to announce other details of the regulations before it will make a stance on cryptocurrencies and ICOs, according to Matichon. The BOT has previously banned financial institutions from crypto activities.
What do you think of the Thai crypto regulations? Let us know in the comments section below.
Images courtesy of Shutterstock and Thai SEC.
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The post Thailand Commences Cryptocurrency Regulations Today appeared first on Bitcoin News.
SpaceX has long touted reusability as the key to reducing launch costs, and eventually, making its way to the Red Planet. But so far, it has only relaunched six of its workhorse Falcon 9 rockets, one time each. And it has taken at least several weeks to turn those around for the next launch.
Big changes are being rolled out at Gmail starting Wednesday. Washington Post tech columnist Geoffrey A. Fowler got to try the new Gmail out early, and says that while he was initially annoyed at some of the “cutesy” changes like rounded buttons and a new font, he was on board…
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President Donald Trump and border-state governors are working to “immediately” deploy the National Guard to the US-Mexico border to fight illegal immigration, with some troops potentially arriving later Wednesday, Homeland Security Secretary Kirstjen Nielsen said. “The threat is real,” Nielsen said at an afternoon briefing, adding that Trump was signing…
In less than six hours, zclassic will fork to create bitcoin private, a new privacy-oriented coin that uses zk-snarks to obfuscate transactions. Holders of bitcoin and zclassic will both be eligible to receive bitcoin private (BTCP) on a 1:1 basis. There’s just one problem: 93% of all zlcassic (ZCL) is on Bittrex exchange, which until today had neglected to pass comment on whether it would support the fork. As the price of ZCL has dropped sharply, bagholders have expressed their anger at Bittrex’ slowness to act.
Bitcoin Private Angers the Public
Bitcoin private has been a long time coming, with the fork of zclassic announced back in December of last year. Since then, traders have been steadily accumulating ZCL, causing its price to rise from $ 4 in early December to a high of almost $ 200. Everyone knew that ZCL would dump hard, but few expected it to do so before the fork. In the last 48 hours that’s what’s happened though, as the coin has plunged to a low of $ 73, a drop of 50% in less than a week.
It had been widely assumed – or at least hoped – that Bittrex would support the fork. Given that 93% of the trading volume comes from the U.S. exchange, it has the power to largely make or break the launch of bitcoin private. As ZCL bagholders have vented their frustrations, other traders have crowed about selling the coin days ago, leading to acrimony. The fork is scheduled to take place on February 28 around 5pm UTC.
The exchange finally broke its silence just hours before the fork was due to occur. In a statement, it wrote: “Bittrex will NOT be supporting the market for Bitcoin Private but due to issues with the Zclassic wallet, we will offer Zclassic holders on Bittrex partial support through claiming and withdrawing BTCP…Bittrex will suspend the Zclassic market approximately 15 minutes before the snapshot time and perform an on-exchange snapshot of ZCL balances. The market will re-open after 5pm UTC once the on-exchange snapshot is complete.”
The exchange probably won’t be listing BTCP as a tradable coin, it seems, and it certainly won’t be issuing bitcoin private on a 1:1 basis to BTC holders. While ZCL holders were relieved to learn this news, for some traders the announcement was a case of too little, too late.
A Good Idea Badly Executed?
The arguments for and against bitcoin private have been rehashed enough times. Given zclassic’s reliance on Bittrex for trading volume, it seems odd that Rhett Creighton and his team wouldn’t attempt to come to some sort of informal agreement with the exchange in advance. Without Bittrex’ promise of participation, the whole affair was bound to create bad blood and get the launch of bitcoin private off to a controversial start. Nevertheless, there has been nothing preventing traders from withdrawing their zclassic to a wallet or sending it to an exchange that has promised to support the fork in advance, such as Cryptopia.
Historically, Bittrex has been reluctant to support bitcoin forks, with bitcoin gold the last to be listed on the exchange. Other exchanges, including Hitbtc and Kucoin, have announced that they will issue BTCP to BTC holders, but Bittrex – which isn’t exactly famed for its communication – remained silent right up until the last possible moment, before finally caving to public pressure. While zclassic holders are entitled to feel aggrieved at Bittrex’ lack of action, exchanges are not obligated to dispense forked coins like free candies.
For those who truly believe in bitcoin private, the price of zclassic in the run-up to the fork is largely irrelevant. All that matters is that they move their ZCL to a supporting wallet or exchange, sit tight, and let the fork take its course. For traders, simply chasing the pump, going all-in on a coin that was already up 5,000% in three months was always going to be a risky move.
Do you think Bittrex should have declared its support for BTCP sooner? Let us know in the comments section below.
Images courtesy of Shutterstock, and Coincodex.
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The post Forking Today: Bittrex’ Stance on Bitcoin Private Angers Zclassic Bagholders appeared first on Bitcoin News.
Robinhood has finally launched today its highly anticipated crypto trading for bitcoin and ethereum, allowing its now 4 million investors to trade cryptocurrencies alongside stocks, ETFs, and options on the same platform. The feature is being gradually rolled out to people residing in five American states.
Robinhood Adds Bitcoin and Ether Trading
Robinhood, the Palo Alto-headquartered US stocks brokerage app, has begun today to gradually enable access to BTC and ETH trading to its customers residing in California, Massachusetts, Missouri, Montana, and New Hampshire. Assuming that the launch will be as successful as expected, the company promises to add in many more states later on.
The service already offers market data on 16 cryptocurrencies in the form of bitcoin, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk and dogecoin. The company also announced today details of Robinhood Feed, a way to discuss cryptocurrencies, news, and market swings in real-time with other investors on the platform. Feed will only be made available to a limited number of platform users right now.
$ 4 Million Strong
The excitement and anticipation about cryptocurrency trading among young Americans has evidently helped the company achieve remarkable growth in a very short time. Soon after Robinhood announced it would add cryptocurrencies, over a million people were waiting in line to get early access to the commission-free trading service. It now boasts of having over 4 million users, up from just 3 million reported in November 2017.
The app team stated today: “Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards Robinhood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way. Together, we reached four million users and well over $ 100 billion in transaction volume on our brokerage platform, leading to over $ 1 billion in commissions saved in equity trades. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
Are you planning to trade bitcoin with Robinhood or are you going to stick with an exchange your used to? Tell us what you think in the comments section below.
Images courtesy of Shutterstock, Robinhood.
The post Robinhood Starts Rolling Out Cryptocurrency Trading Today appeared first on Bitcoin News.
Stocks headed for their best week in five years, as investors backed out of high-yield corporate debt.
L.A. Times – Business
Half a percentage point doesn’t sound like a lot. But that increase for the consumer price index in January was nearly twice the rate experts were expecting Wednesday morning — and it was more than enough to fuel investors’ inflation fears.
Inflation has stayed remarkably tame since the recovery…
President Trump nominated nine judges on Monday to federal courts, and a former Obama deputy counsel tweeted this in reaction: “Surprise!” wrote Christopher Kang. “All 9 of Trump’s judicial nominees today appear to be white.” USA Today dug into the numbers and discovered that Kang’s sarcasm has some solid stats…