While Thai regulators aim to tax crypto earned overseas, Brazilian lawmakers seek to protect it from seizure. Hong Kong regulators are looking to tighten the noose around the crypto market after arresting six individuals following allegations of fraud around an unlicensed crypto exchange, JPEX. The government intends to increase its efforts to inform investors and…
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Any person who resides in Thailand for up to 180 days, would be subject to personal income tax on foreign assets, including crypto. Thailand’s Revenue Department is planning to impose personal income tax on the foreign revenues, including those made from crypto trading, of any person who resides in Thailand for more than 180 days. …
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The fund, named KXVC, will target AI, Web3, and Deep Tech startups with a focus on the Asia-Pacific region. According to the press release published on Sept. 13, the fund will possess a $100 million investment budget with Krating Poonpol, a Chairman of KBank Business Technology Group, in charge of the enterprise. In Poonpol’s words:…
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Victims lost over $27 million worth of Thai bhat after investing in a fraudulent cryptocurrency investment platform. Authorities in Thailand arrested five foreign nationals linked with a fraudulent cryptocurrency investment platform that fleeced over $27 million from local investors. According to an initial report from the Bangkok Post, Thailand’s Cyber Crime Investigation (CCIB) Bureau arrested…
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Vietnam, the Philippines, and Brunei will join a QR payment system to settle cross-border payments using local currencies within the Association of Southeast Asian Nations (ASEAN) bloc. The network, already being used between Indonesia and Malaysia, aims to interconnect all ASEAN nations to reduce their dependence on the U.S. dollar. Vietnam, the Philippines, and Brunei…
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In recent developments, Electricite du Laos (EDL) announced on August 24 that the power company shut down cryptocurrency mining activities. This decision came after this summer’s unprecedented heat surge escalated electricity demands. Furthermore, these mining operations have reportedly been defaulting on their debts. Laos’ Crypto Mining Grinds to a Halt Amid Energy Crisis Situated in…
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The government in Bangkok will try to shut down Facebook in Thailand alleging the social media network isn’t doing enough to stop scams. Fraudsters have been luring users to invest in fake companies and cryptocurrencies, authorities said, and the number of complaints has been mounting. Meta Platforms’ Facebook Faces Online Fraud Lawsuits in Thailand Authorities…
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The Mbridge project, a central bank digital currency (CBDC) international payment system, is starting to worry observers. Such a system, when completed, could ostensibly allow the digital yuan to reach more countries in trade settlements, chipping away at the world dominance of the U.S. dollar and bypassing established sanctions systems. Mbridge Project Worries Observers The…
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The bank used the Hedera network to settle payments in South Korean, Thai and Taiwanese currencies in real-time in its second stablecoin pilot project. South Korea’s Shinhan Bank has completed its second proof-of-concept using stablecoins for international remittances. Siam Commercial Bank’s SCB TechX unit and an unnamed Taiwanese financial institution also participated in the project.…
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