April 2, 2018

Thailand Reveals Tax Rates for Cryptocurrency Trading, Investments

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Thailand’s Ministry of Finance has outlined its proposed tax rates for cryptocurrency trading and investments amid the ongoing legislative process to regulate and tax the sector.

Speaking after a weekly cabinet meeting on March 27, Thai finance minister Apisak Tantivorawong announced the government’s tax framework for cryptocurrencies that will reportedly encompass all retail trading and returns on cryptocurrency investments. Investors will be required to pay 7 percent in value-added tax (VAT) on all crypto trades alongside a 15% capital gains tax on returns, the Nikkei Asian Review reported.

As reported previously in mid-March, the Cabinet of Thailand – the government’s executive branch – has already approved two royal decree drafts concerning the regulation of cryptocurrency transactions and enforcing taxes on crypto-related investments. The move to fast-track the new laws with the introduction of two royal decrees comes at the behest of Thailand’s deputy prime minister Wissanu Krea-ngam calling for the cabinet to “comprehensively regulate” the nascent but growing domestic ICO and cryptocurrency sector.

The Nikkei report states that Thailand’s ruling military government is looking to regulate the cryptocurrency market to ‘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.’ While the claim is true to a certain extent, deputy PM Wissanu has previously stressed that the new laws aren’t meant to curb or prohibit cryptocurrency activity or ICOs in Thailand but safeguard adopters instead.

The government’s move to regulate the sector with a conservative, soft-touch approach has found support from former Thai finance minister Korn Chatikavanij who now serves as chairman of the Thai Fintech Association. “[T]hey have to be cautious not to allow their conservative instincts to result in draconian regulations”, the former finance minister told Nikkei.

Korn also warned of the growing trend of Thai entrepreneurs registering their startups in technology-forward destinations like Singapore that have demonstrated a friendlier regulatory climate for fundraising through initial coin offerings (ICOs).

Featured image from Shutterstock.

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Published at Mon, 02 Apr 2018 04:40:46 +0000

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October 27, 2017

Blockstack Announces Its Own Token Sale

New York–based decentralized internet and developer platform Blockstack has announced its own token sale.

Blockstack recently partnered with a number of venture capital groups to launch the $25 million Blockstack Signature fund. The group also released the “Blockstack Token Whitepaper,” which explains the technical details of the Blockstack Token mining system, the incentive mechanisms and genesis block.

The white paper highlights that the traditional internet is a 40-year-old technology that was originally meant to be a decentralized network. Even though the lower layers of the internet remain fairly decentralized, the application layer of the internet has several centralized points of control and failure. This is what Blockstack intends to solve.

The paper presents Stack, a blockchain token protocol that upgrades the Blockstack blockchain and introduces decentralized governance and incentive mechanisms for a decentralized app ecosystem. Stack enables several new features such as atomic swaps and support for light clients, and it introduces a novel mining mechanism.

Muneeb Ali, co-founder at Blockstack, told bitcoin Magazine: “The Blockstack Token is introducing incentive mechanisms for developers and users to participate in an ecosystem of decentralized apps. Our token white paper describes a novel mining system where in addition to a mining mechanism that secures the blockchain, there is a mechanism for app developers and early users to get new tokens released into the system. We believe that these built-in incentive mechanisms can play a critical role in sustainable growth of the ecosystem.”

Ali added: “In addition, the token enables decentralized governance for protocol upgrades and enables new features like support for truly independent mobile clients, atomic swaps and more.”

The group founders explained in a press release that their primary goal for the Blockstack token sale event is to achieve a wide distribution of tokens. They believe token holders are the “economic stakeholders” of the ecosystem, and that it’s important that the economic distribution represents a broad community.

Highlights of the Blockstack token sale:

Everyone will participate at the same time and get the same price.
There will be no variable prices during the sale, just a single, constant price.
There is no pre-sale or discounts for the upcoming token sale.
Existing shareholders of Blockstack PBC purchased tokens allocated for the “Creators” earlier in a separate offering.
No other party can buy current or future tokens until the sale opens.
Unaccredited users, accredited investors and qualified purchasers can participate in the sale at the same terms.
Unaccredited users will get a “voucher” that they can bring back to finish the transaction and will make the payment at a later date.

For more details, see Blockstack’s announcement on their blog.

The post Blockstack Announces Its Own Token Sale appeared first on Bitcoin Magazine.

January 19, 2019

4 Project Management Tips To Support A Project’s Success

4 Project Management Tips To Support A Project’s Success Statistics show 70% of all projects fail. That includes well-known companies. For example, you might be surprised to learn that 40% of projects launched by IBM […]

April 2, 2017

Irish Government To Issue Free Gold Coin To Protect Citizens From Brexit’s Impact On Euro and EU

goldcore.com / By Mark O’Byrne / April 1, 2017

– Unprecedented move to see Irish government issue free gold coin to Irish citizens
– Controversy as Irish government plans for Irish people to own 1 ounce of gold
– Irish Finance Minister said the “little people” were exposed due to risks from Brexit and the end of the euro
– “Gold can be stored for a long time … doesn’t lose its value for the population as a means of savings”
– Politicians in Ireland criticise move as “too generous” to Irish Americans given Ireland still close to bankruptcy

***

In an unprecedented move the Irish government is issuing and dispatching a free gold coin to all Irish citizens and foreign persons of Irish heritage.

In a controversial move, the Ministry of Finance plans for Irish people to own at least 1 ounce of gold bullion. The Irish Finance Minister said the “little people” were exposed due to the many risks that Brexit poses to Irish companies and the Irish economy and indeed the risks posed to the EU and the euro itself.

Irish politicians on the left have criticised the move as being “too generous.” They said that wealthy Irish Americans should not benefit from the move given that there is a homeless crisis in Ireland and given that the state was still close to bankruptcy.