The Bitcoin, Blockchain, and Cryptocurrency Thread

[buksida]

Siam Commercial Bank purchases 51% stake in crypto exchange Bitkub
Thailand’s oldest bank plans to become the majority shareholder of one the largest crypto exchanges in the country after a $536.7-million purchase.

According to a Tuesday announcement, Siam Commercial Bank’s SCB X Group is expected to buy a 51% stake in Thailand-based crypto exchange Bitkub for 17.85 billion baht (roughly $536.7 million) by the second quarter of 2022. The exchange said the deal is subject to approval from the Thai Securities and Exchange Commission, or SEC, and the country’s central bank.

Arthit Nanthawittaya, CEO of Siam Commercial Bank, said the acquisition was based on the growth of businesses in the digital asset space over the last two years and the expected value in the long term. The company hinted at aiming to strengthen and grow the digital asset ecosystem in Thailand.

https://cointelegraph.com/news/siam-com ... nge-bitkub

[Henry 14th]

All positive news for the crypto space as the antiquated banking system continues to be overhauled. Huge snowball effect taking place that bodes well for holders of crypto.


Sent from my iPhone using Tapatalk

[buksida]

From Squid coin to memes, the 'Wild West' of crypto
From a dodgy digital currency inspired by Netflix hit "Squid Game" to highly-volatile dog-themed coins, the cryptocurrency sector has become riskier than ever as it soars in value.

The combined value of all cryptocurrencies topped $3 trillion for the first time on Monday, as more mainstream investors rush into the sector.

While bitcoin is leading the way -- surging Tuesday to a record-high $68,513 as the world's most popular virtual unit rides a wave of feverish speculative demand -- investors snapping up newer cryptocurrencies are falling victim to scams.

https://www.bangkokpost.com/business/22 ... -of-crypto

There is a lot of shite out there in the crypto world - just as there is everywhere on the internet - be aware.

[buksida]

SEC issues warning over Thai temple's coin
The Securities and Exchange Commission (SEC) has warned investors against investing in Somdejcoin (SDC), a decentralised finance token, saying the investment data regarding the coin is still unclear in many respects.

The SEC issued a statement on Wednesday raising suspicions about SDC, a coin named after a monk who is revered by many Buddhists. The coin has been developed by Wat Pa Mahayan, located in Trang, together with a foundation, as a commemorative coin with a limited supply of 66,186,727 tokens, which is equal to the Thai population in 2020.

The SEC plans to contact Satang Pro, a digital exchange on which SDC is listed, to find out whether the coin has met the exchange's listing rules.

The regulator said that to list on a licensed digital exchange, the coin must meet the exchange's listing rules and also not fall into the four categories of coins prohibited from listing on any exchange, namely meme tokens, fan tokens, non-fungible tokens, and any digital tokens issued by the exchanges.

https://www.bangkokpost.com/business/22 ... mples-coin

[buksida]

Bitkub plots expansion in bid to be Asia’s Coinbase
A Thai crypto exchange that notched up a valuation of more than $1 billion in less than four years is planning to offer a range of digital currencies and services in more countries “to become the Coinbase of Southeast Asia", according to its chief executive officer.

Bangkok-based Bitkub Online Co is exploring opportunities to set up its own units or partner with existing players in countries such as Malaysia, the Philippines and Laos next year, Jirayut Srupsrisopa said. The technology and products will likely remain the same as offered by Bitkub, he said.

Bitkub’s regional expansion is spurred by its success in Thailand where it commands a near-monopoly and has grown its revenue more than 1,000% annually since it began operations in 2018. The exchange, in which Siam Commercial Bank Plc acquired a majority stake in November, is betting on an “exponential growth” in digital currency wallets to one billion globally in five years, from just about 80 million currently, Mr Jirayut said.

https://www.bangkokpost.com/business/22 ... s-coinbase

All good in theory, but the dinosaur bankers, politicians, and generals don't like crypto so it may not be as easy as that!

[hhinner]

Comment deleted - it is not a discussion we can have on this Forum.

[Lost]

All round crypto crash going on. Ouch.

[pharvey]

All round crypto crash going on. Ouch.

Up and down continually TBH - rising again now (oh, I wish )........

Seriously, the very limited investment(s) I have, seem to have huge increases and huge drops over a period of time. Thankfully though, I've actually made a small profit over the years.

[buksida]

The land of contradiction - one minute the tourism ministry says "Thailand is crypto-friendly, bring your coin" and the next minute the central bank says "no feggin chance".

Bank of Thailand urges banks to refrain from trading digital assets
The central bank on Tuesday said it does not want commercial banks to be directly involved in trading digital assets, citing the risks stemming from high price volatility.
https://www.bangkokpost.com/business/22 ... tal-assets

BoT jittery over use of digital assets to make payments
The Bank of Thailand is concerned about the use of digital assets to pay for goods and services because of their price volatility.

Using digital assets as payment for goods and services has become a growing trend.
https://www.bangkokpost.com/business/22 ... e-payments

I reckon the word flipflop was invented in Thailand.

[buksida]

Tether Is Now Official Currency for Myanmar’s Anti-Junta Groups
A parallel government led by the supporters of Myanmar’s ousted leader Aung San Suu Kyi recognized Tether as an official currency for local use after the group began fundraising for a campaign that seeks to topple the military regime.

The National Unity Government officially accepts Tether, a cryptocurrency meant to be a dollar proxy, for “domestic use to make it easy and speed up the current trade, services and payment systems,” NUG Finance Minister Tin Tun Naing said Sunday in a Facebook post. No other details were given.

The NUG is an alliance of leaders from the ousted civilian government and pro-democracy groups. While they don’t control territory or hold positions of power in Myanmar, the group has declared war against the junta in September that has led to an escalation of battles between the military regime and local resistance groups.

The shadow government’s cryptocurrency adoption underscores its defiance against the Central Bank of Myanmar, which decreed all digital currencies illegal in May last year and threatened imprisonment and fines to any violators. Unlike Bitcoin or Ethereum, where daily price swings are typical, each Tether is supposed to be backed by one dollar and is therefore known as a stablecoin.

https://www.bloomberg.com/news/articles ... a-campaign

Same could easily happen in Thailand if protests escalate further and junta cracks down.

[buksida]

The junta wants its pound of flesh ...

Crypto traders subject to 15% capital gains tax
Profits from cryptocurrency trading are now subject to a 15% capital gains tax, according to a source from the Finance Ministry.

The ministry recommends investors identify their income from cryptocurrencies when filing tax this year to avoid legal penalties.

In 2022, all taxpayers who gained from cryptocurrencies, including investors and mining operators, are subject to a 15% withholding tax, while digital asset exchanges are exempt from such duties.

The Revenue Department plans to strengthen its surveillance of cryptocurrency trading this year after it saw significant growth in market size and the value of the digital asset market in 2021, the source said.

https://www.bangkokpost.com/business/22 ... -gains-tax

The exchanges are exempt because they're part-owned by bankers and CP family members.

[buksida]

Crypto tax will hurt country, political parties say
Political parties from both sides of the political divide are coming out against the government’s proposed cryptocurrency tax.

The Revenue Department said on Monday that they will be able to finalise the details of the tax on profits from cryptocurrency and digital asset trading within January.

If passed into law, the government will be able to introduce a 15 per cent withholding tax on cryptocurrency profits which will affect miners, dealers and investors. Sellers will have to record all profitable transactions to find out which ones require withholding tax.

“I disagree with the Revenue Department on collecting this tax until there is further clarification on issues of concern,” Korn Chatikavanij, the leader of the Kla Party, wrote on his social media page on Wednesday.

Korn said the tax would mean that all profitable transactions, not the losses, will be subject to 15 per cent withholding tax. At the same time, these profits will have to be combined with other income to calculate for the annual tax filing.

But there is also the value added tax (VAT).

“The Revenue Department is collecting VAT like crypto is a product,” he said.

“Therefore, there will be a double VAT payment on cryptocurrency transactions where you have to pay the VAT when selling the product and paying another VAT from selling crypto in baht,” he said.

The Pheu Thai Party and the Thai Sang Thai have also voiced their concerns over the proposed tax.

Pheu Thai Party’s registrar Jakkapong Sangmanee said last week that people who buy and sell cryptocurrency already have to pay a personal income tax so the introduction of another tax on top of that will hurt retail investors but institutional investors will benefit from it.

“It will lead to even more inequality,” he said.

https://www.thaienquirer.com/36440/cryp ... rties-say/

For once, I agree with the politicians. Crypto is just the start - the junta is going to tax the shit out of absolutely everything to claw back their stimulus payouts last year.

[hhinner]

^^ Well someone has to pay for new tanks, planes and submarines.

[Green Nomad]

Hi Guys, A question about buying crypto online within Thailand. I live and work in Saudi and wanted to get into the Yieldnodes game, I have set up my Yieldnodes web account and tried to fund via the coinbase site, but was unable to do in Saudi, crypto is allowed to be traded in Saudi but a bit unsure of how to buy there. My UK based colleagues all seem to use coinbase without issues. Maybe its because I am a non UK resident, only other address is here in Hua Hin. Any advice would be appreciated. Have heard of the Bitkub thing is that the way to go? GN.

[buksida]

Using a VPN is the best way to go if specific exchanges are getting cranky with your internet address.

Never heard of 'Yieldnodes', but yes, Bitkub is the leading exchange in Thailand - very easy to open an account and their support is way better than Coinbase, but you will have to submit a lot of KYC documents (passport, bank book, proof of address, etc.)

The fees on Coinbase are the highest in the industry and their support is the worst so I would avoid that if you can.