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   1465

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.

US Authorities to Pop BTC Buble, - Giancarlo

According to the former head of the U.S. Commodity Futures Trading Commission, the launch of the Bitcoin futures at CME popped the BTC price bubble
23 October 2019   33

Former head of the CFTC, Christopher Giancarlo made a sensational admission, saying that the launch of the Bitcoin futures on the Chicago Mercantile Exchange (CME Group) was a deliberate action by the Donald Trump administration, designed to burst the cryptocurrency market that had formed by then.

One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.
 

Christopher Giancarlo

Ex-head, CFTC

Chicago Mercantile Exchange (CME) Bitcoin Futures was launched on December 18, 2017. The day before, the price of bitcoin reached its historical maximum in the region of $ 20,000, but over the next months it went down sharply.

On Monday, Giancarlo also spoke at the Pantera Summit in San Francisco, where he stated that the rapid rise in bitcoin prices observed at the end of 2017 marked the formation of the first major bubble after the 2008 financial crisis.

We saw a bubble building and we thought the best way to address it was to allow the market to interact with it.
 

Christopher Giancarlo

Ex-head, CFTC

Giancarlo also believes that the Bitcoin bubble cannot be considered in isolation from the 2008 financial crisis.

Coming out of the 2008 financial crisis, the legit criticism of regulators was along the lines of: Where were they during the expansion of the real estate mortgage bubble, and why didn’t they take steps to pop that bubble when they could have?
 

Christopher Giancarlo

Ex-head, CFTC

According to him, the lessons of history forced regulators to act quickly,

I believe it shows the power of markets to bring discipline to pricess.
 

Christopher Giancarlo

Ex-head, CFTC

Christopher Giancarlo resigned as CFTC chairman in April this year. Earlier this week, current department head Heath Tarbert said that regulated futures for Ethereum will also appear within six months or a year. He also does not rule out the launch of derivatives on other cryptocurrencies.