The Bitcoin and cryptocurrency thread

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hhinner
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Re: The Bitcoin and cryptocurrency thread

Post by hhinner » Thu Mar 22, 2018 9:32 am

Thanks for that Buksida. An interesting article with some interesting comments. After reading it I'm not sure how anyone could prove there is no cp in the blockchain (not saying I believe there is).

Here are just 3 links of many that I think are quite interesting.
http://www.righto.com/2014/02/ascii-ber ... raphs.html about information encoded in the blockchain.
https://www.reddit.com/r/btc/comments/7 ... nside_the/.
https://cryptograffiti.info/.




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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Mar 22, 2018 10:21 am

The problem is largely that mainstream media is on a mission to spread fear, uncertainty and doubt regarding cryptos so will latch onto anything negative and blow it out of all proportions.

This is probably because MSM is funded by wall street types and billionaire bankers who see decentralized digital money as a threat to their business models. Sadly the majority of the population believe most of what they read in the media and more of what they read on insidious social media platforms.
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Mar 29, 2018 8:30 am

ICOs get 30 extra days to inform SEC

A draft version of a royal decree regulating transactions related to digital assets will grant issuers of initial coin offerings (ICOs) 90 days to inform the Securities and Exchange Commission (SEC) of their plans before the law takes effect.

The decree, which was approved by the cabinet on Tuesday, extends the period from 60 days initially.

The amendment was made after market participants complained 60 days was not a reasonable amount of time, said Finance Minister Apisak Tantivorawong.

The bill narrows the definition of digital assets to cryptocurrencies and digital tokens, removing other potential asset classes such as electronic data, as specified by the ministry in a previous draft.

Investors who make digital-asset trades will be liable for a 7% value-added tax (VAT) payment, on top of a 15% withholding tax on capital gains when the new law is enforced.

The VAT will still apply even if digital trades produce no gains.

Once approved, the law will be published in the Royal Gazette.

Deputy Prime Minister Somkid Jatusripitak said earlier he expected to see the law come into force this month.

https://www.bangkokpost.com/business/fi ... inform-sec
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Mar 29, 2018 10:32 am

New Taxes Could Spell End of Cryptocurrency Trading in Thailand
Thailands new Royal Decree on regulating the transactions of digital assets was passed on March 27, granting potential ICOs an additional 30 days to inform the SEC of their plans while raising the capital gains tax and adding 7% VAT to all digital trades.

https://www.newsbtc.com/2018/03/29/new- ... -thailand/
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Re: The Bitcoin and cryptocurrency thread

Post by hhinner » Thu Mar 29, 2018 1:26 pm

Maybe I'm being a bit thick, but unless you buy and sell in the same exchange, and maintain a wallet in that exchange, how do they know how much profit or loss you've made. If, for example, I have a private wallet on my PC with crypto from several sources at several prices, then transfer some to an exchange for sale, how can they know anything about the transaction other than the selling price? OK, charge VAT, but capital gains?

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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Mar 29, 2018 1:32 pm

Right, it is a bit of a logistical nightmare, no idea how they are going to calculate it. Either way it will send most traders out of Thai exchanges and into friendlier ones in Hong Kong or Singapore where such taxes do not exist.
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Fri Mar 30, 2018 11:30 am

Making news elsewhere - exodus to Singapore already happening ...

Thailand's military regime plans to tax cryptocurrencies
Thailand's military government wants to regulate the nascent cryptocurrency market, and slap investors dabbling in digital coins with taxes to prevent the expanding sector from being used for money laundering, tax evasion, and other criminal activities.

The move was announced by Finance Minister Apisak Tantivorawong on Mar. 27 after a weekly cabinet meeting.

Under new laws to regulate cryptocurrencies and digital tokens, investors will have to pay 7% value added tax on all crypto trades, and a 15% capital gains tax on their returns.

The latest measures follow the Bank of Thailand's ban in February on local banks investing and trading in cryptocurrencies. That move caused uncertainty among local investors.

https://asia.nikkei.com/Politics-Econom ... currencies
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Tue Apr 17, 2018 7:21 am

Crypto fans urge capital gains rethink

Crypto enthusiasts and issuers of initial coin offerings have asked the Finance Ministry to delay or waive the capital gains tax to be imposed on ICOs and cryptocurrency trading, aiming to assist the fund-raising process for startups domestically.

The hope is that the Revenue Department will consider a tax policy that helps support the digital asset ecosystem and ensure greater competitiveness compared with regional markets, said Thuntee Sukchotrat, chief executive of JIBEX, a cryptocurrency exchange owned by JIB Computer Group Co Ltd.

Tax could be an obstacle for startups and the fund-raising process, given that startups planning to raise funds in Thailand could opt to look at other places because of stringent regulations here, Mr Thuntee said.

He said JIBEX still plans to launch its cryptocurrency wallet service this month and cryptocurrency trading in June, with the exchange adhering to forthcoming ICO regulations.

https://www.bangkokpost.com/business/ne ... ns-rethink
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Re: The Bitcoin and cryptocurrency thread

Post by Nereus » Wed Apr 25, 2018 9:48 am

Tax relief for digital assets a non-starter

https://www.bangkokpost.com/business/ne ... on-starter

The Revenue Department has rebuffed a request by digital asset operators to scrap a tax-collecting agency's plan to impose a 15% withholding tax on capital gains and returns from putting money into such assets.

The 15% withholding tax for digital asset trades is appropriate because the Revenue Department does not want to support retail investors trading in such assets, said Prasong Poontaneat, director-general of the department and the designated permanent secretary for finance.

His comment came after digital asset associations and operators submitted a letter to Deputy Prime Minister Somkid Jatusripitak asking the government to rethink the enforcement of a royal decree to regulate digital asset transactions -- particularly the withholding tax, as it could be an obstacle to startup fund-raising.

Finance Minister Apisak Tantivorawong told the associations the law was necessary, Mr Prasong said.

The royal decree is expected to take effect soon after winning the Council of State's endorsement, he said.

The law is aimed at protecting retail investors from losses in trading digital assets and preventing such assets from being used for money laundering, he said.

Investors who make digital-asset-related trades will be liable for a 7% value-added tax (VAT) payment from the trading fee, on top of the 15% withholding tax on capital gains and returns from such investments, when the new law is enforced.

The bill narrows the definition of digital assets to cryptocurrencies and digital tokens, removing other potential asset classes such as electronic data, as specified by the ministry in a previous draft.

Mr Prasong said the law requires initial coin offering (ICO) issuers to comply with Know Your Customer (KYC) practice, which lets authorities identify fund-raisers who must remit to the Revenue Department.

The 15% withholding tax on digital asset transactions is charged at the same rate as interest tax, he said, adding that authorities are not worried about claims that Singapore offers a more attractive tax climate than Thailand and that fund-raisers could flee to the city-state.

An informed source at the Finance Ministry said the Securities and Exchange Commission will issue organic law to supervise digital assets after the royal decree is enforced.
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