The Bitcoin, Blockchain, and Cryptocurrency Thread

[buksida]

Cryptocurrencies picked for bull run year
This year is considered "golden" for cryptocurrencies after the US Securities and Exchange Commission (SEC) approved eight funds that plan to launch spot Ethereum exchange-traded funds (ETFs), according to analysts, with the bull run continuing in the second half based on strong interest from institutional investors.

Investors are expecting other alternative coins will win SEC approval after the regulator on May 23 approved a rule change for ETFs that buy and hold Ethereum, the world's second-largest cryptocurrency, including those of BlackRock and Fidelity funds.

Spot Bitcoin ETFs were approved early this year, marking an important step in the digital asset business.

The price of Bitcoin surged more than 70% to an all-time high in the two months following the approval of the Bitcoin ETF.

If Ethereum (ETH) follows a similar path, it could push the ETH price to a record of around US$6,000 by the end of July, from $3,867 as of May 29, according to coinmarketcap.com.

This optimism is partly attributed to investors' interpretation of the Federal Reserve's Federal Open Market Committee minutes and recent macroeconomic data as leaning towards the dovish side.

Sanjay Popli, chief executive of Cryptomind Advisory, said the price of ETH has been rising since May 20 despite limited odds the SEC would endorse all the funds this round.

"Politics play a role as Donald Trump, the key opposition to the Biden government, has a policy that supports digital assets," said Mr Popli.

As the US election approaches, the government has adjusted its stance to be more friendly towards digital assets because roughly 20% of US voters hold crypto assets, he said.

https://www.bangkokpost.com/business/in ... l-run-year

[buksida]

SEC move will allow funds to invest more in crypto
The Securities and Exchange Commission (SEC) is preparing to adjust the investment criteria later this year to allow mutual funds and private funds to invest more in digital assets, as interest grows in cryptocurrency investment.

The regulator said funds will be allowed to invest more in crypto exchange-traded funds traded and listed on US stock exchanges, as well as investment tokens, which have attracted the interest of Thai investors.

Investment tokens will be added with the same investment ratios as transferable securities such as stocks and bonds because they have similar characteristics and risks, said SEC deputy secretary-general Anek Yooyuen.

In addition, funds aimed at wealthy investors will be given greater flexibility for investment in cryptocurrencies without any investment limits, he said.

https://www.bangkokpost.com/business/ge ... -in-crypto

Nice for rich Thais but 'farang mai dai'.

[PeteC]

Bangkok set to host Ethereum expo

https://www.bangkokpost.com/business/ge ... ereum-expo

Devcon SEA 2024, an Ethereum expo, is scheduled in Bangkok from Nov 12-15 at Queen Sirikit National Convention Center (QSNCC)..........

[Lost]

Both major coins bitcoin and ethereum doing pretty well at the mo! 25% up in the past few days for ethereum. Almost 25% in a month for bitcoin. I've a feeling they both might keep climbing for a little while.

[buksida]

We can thank Mr. T for the rally, the Democrats under Biden all but wanted to ban digital currencies to keep their Wall Street banking partners happy. Funny how two of crypto's largest critics sat on the US Senate Banking Committee, and one has thankfully been unseated now, the SEC chair will be next to go. 2025 is shaping up to be a bull market year.

[buksida]

Bitcoin is closing in on $90,000 for the first time ever (that's more than 3 million baht per coin!)
Bitcoin was trading just shy of $90,000 Monday night after breaching $80,000 just a day earlier.

The flagship cryptocurrency was last higher by 12% at $89,100, according to Coin Metrics. Earlier Monday, it rose as high as $89,623.00. Its price is expected by many investors to continue making fresh records on its way up to $100,000 later this year.

"Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election," said Mike Colonnese, an analyst at H.C. Wainwright. "Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year."

Crypto investors have been cheering President-elect Donald Trump's promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity of the rules of the road.

https://www.msn.com/en-us/money/markets ... r-AA1tUj9V

Retail hasn't even noticed yet, mainstream media is wary of it, and this is mostly driven by institutional investors. It'll be six figures in no time ...

[xandocan1]

Hi,
Can anyone tell me if Thai citizens can sell Bitcoin/Ethereum tax-free after one year of holding it? If you are a european citizen and you hold crypto for more than 1 year, your profits are tax-free!
Thanks for sharing your knowledge

[buksida]

According to Bitkub, Thais are responsible for their own tax returns and recording profits, which are taxed at 15%. The exchanges don't do it, but they do provide tax receipts for transactions:
https://support.bitkub.com/en/support/s ... -questions

Self-declaring income is a grey area in Thailand, but there is a massive tax crackdown underway, and the net is large. The issue will come if the Thai Revenue Dept demands customer data from crypto exchanges which will be obliged to hand it over.

[Lost]

Backstory from an old article:

"Bitcoin Pizza Day, celebrated this Wednesday, May 22, holds a special place in the world of cryptocurrency. It marks the first time Bitcoin was used to purchase real-world goods. And what was the first item ever bought with Bitcoin? Pizza, of course.

On May 22, 2010, a programmer named Laszlo Hanyecz made history by spending 10,000 Bitcoins to have two (large) Papa John’s pizzas delivered to his door. This momentous transaction has since become a legendary tale in the crypto community, commemorated annually as Bitcoin Pizza Day."

In other news, Michael Saylor now has unrealised gains of $13 billion or so after his company went aggressive on bitcoin purchases in 2020.

[buksida]

Thailand digital currency pilot test

Mr Pichai questioned why Thailand should not embrace digital currency, which is being exchanged globally and has strong demand.

He said there are 21 million digital coins in circulation, estimated to be worth US$2 trillion, but fewer than 10 million of the coins are actively traded.

With growing demand and ongoing geopolitical issues worldwide, he said people are increasingly seeking alternatives to conventional currencies.

As Thailand is not fully prepared for digital currency at the moment, Mr Pichai said the country is trying to create a platform to identify potential users and establish a market where they can exchange and engage.

For example, if tourists come to Thailand, they could register their coins on a local platform that ensures verification or allows for know your customer protocols. When making purchases, they could pay using coins through an exchange house of their choice, he said.

Buyers and sellers would not know what kind of money they are receiving, but those coins would be transferred into the app and could then be converted into baht via the clearing houses, said Mr Pichai.

"For instance, someone fleeing the war in Ukraine or Russia comes to Thailand and wants to buy a house worth 50 million baht. They would likely find it difficult to raise that amount of money," he said.

"If they can use digital assets, the purchase would be much easier. We need to promote understanding of such structures as part of both a digital platform and the capital market. A digital platform can better reach small investors."

https://www.bangkokpost.com/business/ge ... titiveness


The central bank and tax department are going to love that!
Also, I don't think Mr. Pichai knows that tourists can't own property, cannot access local crypto exchanges and payment platforms, and that the banks don't want to deal with digital assets.

[buksida]

Finally, a bit of good news ... shame foreigners cant open crypto exchange accounts here any longer.

Thailand approves five-year crypto tax exemption
Thailand has approved tax exemptions on income from the sale of cryptocurrencies like Bitcoin for five years, according to a Ministry of Finance announcement.

Thailand will waive the capital gains tax on crypto sales made through licensed crypto asset service providers in the period from Jan. 1, 2025, to Dec. 31, 2029, Deputy Finance Minister Julapun Amornvivat said in a statement issued on Tuesday.

According to the minister, the measure is designed to strengthen Thailand’s position as a global financial hub and one of the first countries to adopt laws for digital assets and their taxation.


https://www.msn.com/en-us/money/financi ... r-AA1GTeCm

[squire]

"Finally, a bit of good news ... shame foreigners can't open crypto exchange accounts here any longer."


Reply: I managed to open a locally licensed crypto exchange account 2 months ago with Binance TH.

Note that their onboarding KYC is quite strict compared with EU and US exchanges that I have accounts with.

[buksida]

Reply: I managed to open a locally licensed crypto exchange account 2 months ago with Binance TH.

Note that their onboarding KYC is quite strict compared with EU and US exchanges that I have accounts with.

How did you manage that without a Thai National Digital ID, as that's what they asked me for when I tried? Even the mrs was stumped by the NDID requirement when she tried to register with their app.

Had the same response from KuCoin, which recently opened here.

We regret to inform you that, at this time, KuCoin TH is unable to support foreigners customers. If this policy changes in the future, we will make an official announcement accordingly.

Have a Bitkub account but opened that way before the KYC crackdown and just after BX closed.

[squire]

I had also tried to open a Bitkub a few years ago but found their inconsistency with regard to KYC and their communication was poor, so I used an exchange in the EU instead since.

I had only discovered that Binance established a JV with Gulf Thailand as a licensed Thai crypto exchange earlier this year, and was looking to possibly transferring digital assets from EU to TH as a back up plan. I think Binance TH are only about 2 years old in Thailand but the backing of Binance gave me some confidence to set up an account with them.

Apart from foreign passport and non-O visa, I also had to upload my EU crypto exchange statement, my Thai bank statements (3 months) and stock broker statement, and answer a 10 question online quiz. (I can't recall whether I also uploaded my Thailand Pink ID card or driver license). The following screenshot illustrates the depth of KYC.

[buksida]

Interesting, they didn't ask for NDID, I'll try again.