Crypto is doing well in Thailand...or is it? - page 2.

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Quote from: CaVO32 on May 27, 2022, 07:09:37 PM

But to gain the confidence of other users, we need the existence of these centralized exchanges, which are under the government regulations. We know that bitcoin should not be in any way tied to a centralized organization

Anyone who needs a decentralized currency to be used on a centralized platform inorder to gain "confidence" could as well keep on using fiat.
Bitcoin is not running a marketing campaign, if you read about it and understand the concept and it interests you, then by all means buy some, of you're not as interested, do not.

Quote from: CaVO32 on May 27, 2022, 07:09:37 PM

And to welcome this adoption, government intervention is inevitable. This I believe, we can't escape from. We don't know where will our details will end up with but this is the stage where we need to accept that centralized platforms are already here to support adoption.

Governments can do what they want. Individual users can choose to use Bitcoin as they wish. There are a many channels through which one can maintain pseudo anonymity.

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Quote from: gantez on May 27, 2022, 07:19:55 AM

Quote from: roadrunnerjaiv2025 on May 25, 2022, 10:18:17 PM

The government's goal is to promote cryptocurrency trade on authorized exchanges (approved and regulated by SEC).

This is very good. I think this is about providing security to the people and not to stop them. The youth will have more benefit in this because they have more years to stay around and can invest to hodl more cryptocurrency investment. They scare of scam exchanges will be reduced because the government making sure to secure exchanges in their country.

Governments allowing specific exchanges to perform the trading of cryptocurrencies limit the usage. The reason for which the government have taken the decision is really appreciable and a forward thinking compared to the countries that make a direct ban of cryptocurrencies. Slowly the country needs to provide way to spending, through which the real usage of crypto can be understood. What Thailand government have done, given the access similar to digital gold.

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Quote from: Upgrade00 on May 27, 2022, 11:12:39 AM

Quote from: gantez on May 27, 2022, 07:19:55 AM

They scare of scam exchanges will be reduced because the government making sure to secure exchanges in their country.

Governments do not make sure to secure exchanges, they give you the impression that you are secured by setting bogus regulations and entry barriers to certain industries. The objective of Bitcoin is to give users financial Independence rather than depending on third parties, using centralized exchanges means you are submitting your assets and personal details to a central server, from where it can be stolen or sold.

But to gain the confidence of other users, we need the existence of these centralized exchanges, which are under the government regulations. We know that bitcoin should not be in any way tied to a centralized organization but we are already in the stage of massive adoption. And to welcome this adoption, government intervention is inevitable. This I believe, we can't escape from. We don't know where will our details will end up with but this is the stage where we need to accept that centralized platforms are already here to support adoption.

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Quote from: Haunebu on May 26, 2022, 12:18:32 AM

Quote from: Darker45 on May 25, 2022, 10:48:03 PM

What's happening in Thailand is probably more bad than good. But not the worst, of course. I hope I'm not really updated with the current status of Bitcoin and cryptocurrency there, but it seems the ban on the use of Bitcoin and other cryptocurrencies as payment had just taken effect in April. That's just last month.

So this must be a step backward rather than forward.

Have traded personally several times in Thailand on P2P exchanges like LocalBitcoins where the volume is pretty high and never faced any issues despite the ban that you mentioned though I can understand why it's a step backward.

Their government banning crypto only for payments didn't really affect the market much overall, but it was still a bad decision in my opinion. It's a good thing that they didn't try to ban them completely though.

Treating cryptocurrencies as just assets(Not payment methods) won't help improve adoption in the long-term.

I offer a more optimistic view.

Gold could be used as a currency the same way it's used as an asset. There used to be a system of currency backed by gold which acted in place of lugging around pieces of metal to trade with. Bitcoin's convenience bifurcates the utility as a currency and an asset. Whether people store their coins for long term appreciation or whether they use it as a currency, there are still funds allocated to crypto that would have otherwise been utilized for other assets or currencies. A win for crypto either way.

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Quote from: gantez on May 27, 2022, 07:19:55 AM

They scare of scam exchanges will be reduced because the government making sure to secure exchanges in their country.

Governments do not make sure to secure exchanges, they give you the impression that you are secured by setting bogus regulations and entry barriers to certain industries. The objective of Bitcoin is to give users financial Independence rather than depending on third parties, using centralized exchanges means you are submitting your assets and personal details to a central server, from where it can be stolen or sold.

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Quote from: roadrunnerjaiv2025 on May 25, 2022, 10:18:17 PM

The government's goal is to promote cryptocurrency trade on authorized exchanges (approved and regulated by SEC).

This is very good. I think this is about providing security to the people and not to stop them. The youth will have more benefit in this because they have more years to stay around and can invest to hodl more cryptocurrency investment. They scare of scam exchanges will be reduced because the government making sure to secure exchanges in their country.

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Quote from: davis196 on May 26, 2022, 06:33:34 AM

Quote

They only want to regulate transactions to protect investors from losing money.

No, the government can't protect the investors from losing money via crypto trading. The government wants to protect the investors from being scammed. Losing money is part of crypto trading. Nobody can make profits without someone else losing money, it's a zero sum game.
Anyway, I'm skeptical about the current crypto regulation in Thailand. This crypto regulation seems to be what they call "too little, too late".
Nobody could keep the investors from staying in Thailand. They could move their money at a country, where there are better crypto regulations and the crypto exchanges are offering better services.
I'm not a fan of centralized crypto exchanges and I think that the crypto world has moved into the wrong direction. We need to go back to the basics- hardware wallets an decentralized exchanges.

This is mainly true, you shouldn't lose money and government should be there to protect you from scammers, not from dropping prices. If you are sending your money to someone you do not know in crypto, then consider that as a gone money and not the reality.

We need to really make sure that we shouldn't really do something that would be beneficial for it. All in all I need to make sure that things are looking great and it is not a big problem for us by keeping it hidden and not tell anyone that you have coins, even if you are rich, just make sure that nobody could ask you any money or suggest you investments because you should tell them you have none.

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It's good for the crypto space there in Thailand.

They're encouraging people to trade to government registered exchanges so that they'll also have the security that everyone is on the right track of using a legal exchange.

Other than that, it has to stop and then the taxes will come. Well, not that new and basically it's going to cover everything there through this introduction as it sets and prepares everyone in accepting the crypto taxes after.

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Op is talking about the tax exemption. Is it a VAT exemption for crypto exchanges? Or is it that crypto businesses are currently exempt from any taxes in Thailand? If the exemption is lifted, will the taxation affect individual traders, crypto exchange companies or both?
I think it's reasonable when governments try to regulate the crypto industry, as long as the intent is to encourage the industry to come out of the shadows and flourish, not to kill it. I hope Thailand is trying the favorable approach, but banning crypto as payment is not a nice move.

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Quote

They only want to regulate transactions to protect investors from losing money.

No, the government can't protect the investors from losing money via crypto trading. The government wants to protect the investors from being scammed. Losing money is part of crypto trading. Nobody can make profits without someone else losing money, it's a zero sum game.
Anyway, I'm skeptical about the current crypto regulation in Thailand. This crypto regulation seems to be what they call "too little, too late".
Nobody could keep the investors from staying in Thailand. They could move their money at a country, where there are better crypto regulations and the crypto exchanges are offering better services.
I'm not a fan of centralized crypto exchanges and I think that the crypto world has moved into the wrong direction. We need to go back to the basics- hardware wallets an decentralized exchanges.

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Quote from: roadrunnerjaiv2025 on May 25, 2022, 10:18:17 PM

Thailand's move to exempt crypto transfers through government-approved exchanges is pretty interesting.

I had to look up the news because I didn't know what you were talking about. I found this, for example:

https://news.bitcoin.com/thailand-exempts-crypto-transfers-from-vat-until-end-of-2023/

What I don't understand is, in Thailand is VAT applied to transfers? There is nothing added there. VAT is supposed to be a tax that is levied when there is value added, and I am not aware of such a tax being applied elsewhere, as capital gains tax is usually applied if you earn money, but VAT as if when you buy a loaf of bread?

Well, each country may have its own rules. The doubt I have now is that I guess they apply VAT but not capital gains, no? Or do they apply both. Let's see if someone who lives in Thailand clarifies.

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Quote from: Darker45 on May 25, 2022, 10:48:03 PM

What's happening in Thailand is probably more bad than good. But not the worst, of course. I hope I'm not really updated with the current status of Bitcoin and cryptocurrency there, but it seems the ban on the use of Bitcoin and other cryptocurrencies as payment had just taken effect in April. That's just last month.

So this must be a step backward rather than forward.

Have traded personally several times in Thailand on P2P exchanges like LocalBitcoins where the volume is pretty high and never faced any issues despite the ban that you mentioned though I can understand why it's a step backward.

Their government banning crypto only for payments didn't really affect the market much overall, but it was still a bad decision in my opinion. It's a good thing that they didn't try to ban them completely though.

Treating cryptocurrencies as just assets(Not payment methods) won't help improve adoption in the long-term.

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I'm afraid this is coming from a limited viewpoint.

What's happening in Thailand is probably more bad than good. But not the worst, of course. I hope I'm not really updated with the current status of Bitcoin and cryptocurrency there, but it seems the ban on the use of Bitcoin and other cryptocurrencies as payment had just taken effect in April. That's just last month.

This is untimely. This happened just as Bitcoin and crypto have already developed a good relationship with businesses, just as Bitcoin started to fulfill its role as a currency. Now, it is relegated to just being an asset, an investment opportunity, where people can trade but not spend. So this must be a step backward rather than forward.

roadrunnerjaiv2025

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Thailand's move to exempt crypto transfers through government-approved exchanges is pretty interesting.

The government's goal is to promote cryptocurrency trade on authorized exchanges (approved and regulated by SEC).

However, this is just temporary. The tax exemption will eventually stop on Dec. 31, 2023.

I see what's happening here...

They fail to encourage traders to prefer authorized exchanges since there are cheaper alternatives. The problem is digital asset operators see this as an opportunity to provide services outside the government's surveillance and control.

It's a good thing because:

1. Government already fully acknowledges crypto trading. No more resistance.
2. They want to create a more secure environment for crypto investors. Better security = Higher confidence = More investors.
3. They don't want to control the blockchain--they can't. They only want to regulate transactions to protect investors from losing money. Of course, they want the government to make a little bit of profit, too. (As long as that profit--tax--benefits the people, that's fine)

Overall, this is good for the crypto space.

Topic: Crypto is doing well in Thailand...or is it? - page 2. (Read 305 times)