Thailand Drafts Crypto Regulations | Puerto Rico Filters | and More….

There’s so much always going on in the cryptocurrency ecosystem.

As such, it takes hours to keep up and read articles all day, which is why we are going to start a new type of news segment.

This will compile the news for the day around the web – organized in one quick article.

That way you don’t have to spend more than 20 minutes getting everything you need to know.

Let’s dive into today’s news…

Thailand Drafts Crypto Regulations

First off we’ve got Thailand drafting crypto regulations released on Bangkok Post.

More specifically, they are calling them “digital assets” and they plan to tax capital gains on profits from said assets, as well as those utilizing them to register with relevant authorities.

Although, the exact percentage hasn’t been disclosed it is looking like up to 15% tax.

Thailand, since the FUD surrounding a ban, has been treading carefully with their legislation and has had many financial institutions stop interaction with Crypto until these regulations come out.

Liechtenstein’s Crown Prince Wants Some Crypto

The family of the Crown Prince Alois Philipp Maria has a fortune amassing $5 billion, and they are looking to diversify their assets.

After World War II their families fortune was dramatically decreased, and they think that something like Cryptocurrency can help safeguard their fortune for the future.

But the Crown Prince has acknowledged the volatility stating in an interview with CNBC:

“I think we would rather do that or are currently doing that through our general exposure via private equity, venture capital funds where we are investing. Where cryptocurrency will move to, I think that’s very open still. So I think one has to really see that it’s a very risky asset class.”

Granted, on the whole, Alois sees the disruption that blockchain will be bringing to the world.

Peter Thiel of PayPal Goes Long On Bitcoin

Peter Thiel is rumored to be a $20 million investor in Bitcoin and with that has a message on why…

He said in an interview with CNBC that it is “a hedge against the whole world falling apart.”

But he followed up stating that it isn’t like a new payment system, but more of a store of value.

“It’s like bars of gold in a vault that never move, and it’s a sort of hedge of sorts against the whole world going falling apart.”

If you’ve read the book Digital Gold than you understand that Peter Thiel has long been an advocate of Bitcoin

And, one of the first design concepts for PayPal was a similar payment structure until they got hit with AML (anti-money laundering) laws.

Prosecutors Raid Three South Korean Exchanges For Manager Fraud

According to the Wall Street Journal, three south Korean exchanges in Seoul were raided recently.

Hard drives, financial records past January and mobile phones were taken to conduct an investigation of fraud which leads the officials to believe that customers funds were being transferred to managers at the exchange.

With South Korea being the largest market for Crypto trading, safeguarding funds, and sanctity of the exchanges are very important.

One of the neighborhoods raided is home to Coinone, which had been recently hacked.

Again this draws light to the decentralized exchanges coming about soon and projects like 0x Protocol, how they can help stop fraud in these exchanges.

The U.S. Congress Economic Report Features Cryptocurrency

One of the hottest topics in law today is cryptocurrency.

And, of course, that leads to its recent appearance in the U.S. Congress Economic Report, where they talked about the good and the bad.

Granted they did highlight the amazing applications and how regulations can stimy progress stating:

“Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant regulations.”

We will see how regulations play out shortly with cryptocurrencies, all in all, we are bullish on their impact.

Puerto Rico Blockchain Advisory Council Created

During the Blockchain Unbound conference in San Juan, Manual Laboy, the Department secretary hinted at the formation of a blockchain advisory council.

Now according to El Nuevo Dîa, their local news outlet, Department of Economic Development and Commerce (DDEC) will be creating the council.

They will be an unofficial filter to the projects, finding ones that can fill legitimate needs of those on Peurto Rico.

Henceforth helping to stop the changing of names to just boost stock in a company.

That’s it for today…

Hope you enjoyed – leave any recommendations below,
The GCA Team

 

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March 16th 2018, 13:03

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