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   163

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.

ACINQ to Release Lightning API For Bitcoin Mainnet

Strike is API for easy acception of Lightning network payments
25 May 2018   48

Developers from ACINQ presented a version of Strike API for Lightning-payments in the main bitcoin network.

Strike is an API for easy acception of Lightning payments. From a technical point of view, the service works as follows: ACINQ receives and aggregates incoming payments, and then periodically sends transactions to the recipient's wallet. In other words, companies can offer their clients instant and low-cost payments, receiving funds through the usual cash transaction.

We take a 1% fee on payments, and that’s it. Automated payouts to your Bitcoin wallet are free of charge, because we batch them among merchants. The threshold for automated withdrawals can be set between 0.1–1 BTC.
 

ACINQ

Also, users can make a payment to the wallet manually, however in this case you will have to pay a commission of 0.5 mBTC.

According to ACINQ representatives, although using Strike and assuming the need to trust a third party, the level of risk is minimal, since the service sends an onchain-transaction every time the total amount of payments reaches a user-adjustable threshold.

The developers noted that the Strike integration with the WooCommerce plugin is currently underway. In addition, ACINQ is considering the possibility of partnership with the Canadian Internet company Shopify, which specializes in developing software for online and retail stores. The company serves 500,000 trading companies with a combined turnover of $ 45 billion.