Crypto SWOT: Thailand tightens its rules on crypto advertising

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Strengths

  • Among the cryptocurrencies tracked by CoinMarketCap, the best performer of the week was Celsius, up 29.97%.
  • On Wednesday, U.S. accounting rulemakers took an important step in drafting long-awaited rules for how companies report holdings of cryptocurrencies like Bitcoin, a move that would bring clarity to big investors in crypto like Tesla and MicroStrategy. Their first step is to define the exact narrow population of digital assets that potential new rules would cover, writes Bloomberg.
  • Celsius Network, the bankrupt cryptocurrency lender, is looking to give back to a group of users who no longer have access to their accounts. The company has sought permission from a U.S. bankruptcy judge to release around $50 million of cryptocurrency locked on the platform in so-called custodial accounts, Bloomberg reports.

Weaknesses

  • Among the cryptocurrencies tracked by CoinMarketCap, the worst performer of the week was Hellium, down 26.39%.
  • Texas was once a promised land for Bitcoin miners, a business-friendly state with stable regulations and a seemingly endless energy supply. But that tide has turned, reports Coindesk. The state grid operator, the Electric Reliability Council of Texas, has slowed the issuance of new permits allowing miners to connect to the grid.
  • After a cruel summer, crypto fans could also have an unforgiving September. The ninth month of the year has consistently been one of the worst for the biggest cryptocurrency, says Bloomberg, dropping every September since 2017. Bitcoin has seen an average decline of 8.5% for the month over the past few months. five years, according to the Bespoke Investment Group.

Opportunities

  • Singaporean state investor Temasek Holdings Pte joins $100m funding for Animoca Brands, betting on one of crypto’s most prolific investment houses even after a $2 trillion market crash of dollars. Temasek said he does not invest in cryptocurrencies directly and instead prefers to support service providers in the space, writes Bloomberg.
  • Japan’s financial regulator has proposed easing corporate tax rules for crypto assets as well as lighter levies for individual equity investors to support Prime Minister Fumio Kishida’s efforts to reinvigorate the economy. Companies should be exempt from paying taxes for paper gains on cryptocurrencies they hold after issuing them, the regulator proposed in its annual tax code amendment request on Wednesday, Bloomberg reports.
  • Swiss digital asset bank Sygnum will open a branch in the Metaverse to reach more customers seeking blockchain-based financial services. Sygnum was one of two banks awarded in 2019 for connecting traditional finance to cryptocurrencies and blockchain, according to a report from swissinfo.com.

Threats

  • Bitcoin fell below $20,000 again as hawkish comments from the Federal Reserve on inflation and the economic slowdown continue to weigh on riskier assets. Bitcoin fell 2.3% on Tuesday to trade around $19,723. Riskier assets had a tough few days as traders digested comments from Fed Chairman Jerome Powell, who reiterated that the central bank is willing to continue monetary tightening even at the risk of an economic slowdown, writes Bloomberg.


  • Washington DC is suing MicroStrategy co-founder and chairman Michael Saylor for tax evasion, claiming he failed to pay more than $25 million in income taxes while living in the district for more than 100 years. a decade, reports Bloomberg. According to the lawsuit, Saylor knowingly avoided paying taxes he owed since 2005 by fraudulently claiming to be a resident of other lower-taxed jurisdictions, including Virginia and Florida.
  • As Bloomberg reported, Thailand has tightened rules on advertising by crypto companies, joining countries like Singapore in seeking to protect retail investors following a $2 trillion selloff on cryptocurrencies. digital asset markets. Advertisements for virtual tokens must include clear and visible warnings about the risks of investing in cryptocurrencies, the country’s Securities and Exchange Commission said in a statement Thursday.




Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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