Cryptocurrency Regulations to begin in Thailand Today

The order to control cryptocurrencies and preliminary coin choices in Thailand is to be enforced on Monday
14 May 2018   1681

The federal government has reviewed the rustic’s tax code so as to add crypto taxation. Dealers of virtual tokens will face a large and even prison time in the event that they fail to sign up with the regulator inside of 90 days.

The Thai government`s order to regulate cryptocurrencies and preliminary coin choices (ICOs) is to impact on Monday. The Virtual Asset Control Act BE 2561 was once authorized in March and has been amended since. The revision of the Income Code No. 19 was once additionally presented with the intention to tax crypto income at 15%, according to the local media.

The decree claims that the Thai Securities and Trade Fee (SEC) has the obligation and the authority to keep an eye on digital currencies and their operators, Matichon reported. The newsletter describes 4 spaces the SEC will be accountable for. The first aim is to control the release and providing of cryptocurrencies and virtual asset firms. The second object is to state the costs and demands for the registration and approval of cryptocurrencies like bitcoin and their operators. The third aim is to define a method for coping with doable issues. The fourth question is about all different fields now not up to now discussed.

The Financial institution of Thailand (BOT) declares that it’s expecting to the SEC to claim different main points of the rules prior to it’s going to take a position on cryptocurrencies and ICOs, consistent with Matichon. The BOT has up to now forbidden monetary institutions from crypto actions.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   297

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.