Daily Archives: January 7, 2022

Report: Illicit Crypto Addresses Received $14 Billion in 2021, Only 0.15% of Transaction Volume Associated With Crime

According to the latest data from Chainalysis, the total cryptocurrency value received by illicit addresses grew to a new all-time high of $14 billion in 2021. Although the new all-time high is almost twice the $7.8 billion that was recorded in 2020, it represents just 0.15% of the 2021 cryptocurrency transaction volume.

Percentage of Funds Sent to Illicit Addresses Falling

The value of cryptocurrency-related crimes recorded in 2021 surged to a new all-time high of $14 billion, a figure that is almost double the $7.8 billion which was received by so-called illicit addresses in the year 2020. Nevertheless, this increase in the value of funds transferred to illicit addresses is still much lower than the average growth of the crypto economy, the latest Chainalysis data has shown.

Report: Illicit Crypto Addresses Received $14 Billion in 2021, Only 0.15% of Transaction Volume Associated With Crime

In a recent blog post breaking down the crypto economy’s 2021 transaction volume of $15.8 trillion, the blockchain analysis firm Chainalysis asserts that the growth in value of funds transferred to illicit addresses is not an indication that the space is now dominated by criminals. Rather, this growth may be a hint of just how far the crypto economy has expanded in 12 months.

To illustrate, the blog post points to the 567% growth in crypto transaction volume which the analysis firm is linking to the rising adoption of cryptocurrencies. Chainalysis also offers its viewpoint on the growing gap between illicit activity volume and legitimate volume:

In fact, with the growth of legitimate cryptocurrency usage far outpacing the growth of criminal usage, illicit activity’s share of cryptocurrency transaction volume has never been lower.

Crypto Crime Impedes Adoption

To support its position that illicit activity’s share of cryptocurrency transaction volume is on the wane, Chainalysis points to the data which shows that crime-related addresses only accounted for 0.15% of 2021 volumes. This figure is lower than the 0.62% recorded in 2020 and the 3.37% that was recorded in 2019.

Report: Illicit Crypto Addresses Received $14 Billion in 2021, Only 0.15% of Transaction Volume Associated With Crime

Despite noting the low proportion of criminal crypto transfers relative to the overall transaction volumes, Chainalysis still concedes the “criminal abuse of cryptocurrency creates huge impediments for continued adoption.” The post argues that such abuse often “heightens the likelihood of restrictions being imposed by governments, and worst of all victimizes innocent people around the world.”

The blog post also suggested that law enforcement agencies are becoming more adept at combating cryptocurrency-based crimes. It cites the indictment of several crypto investment scams by the U.S. Commodity Futures Trading Commission (CFTC) as well as OFAC’s sanctioning of two Russia-based cryptocurrency platforms.

What are your thoughts on this story? Tell us what you think in the comments section below.

Ertha Partners with Cryowar

Ertha, one of the most highly-anticipated metaverse projects, recently launched it’s native ERTHA token to much success on Huobi Primelist. The play-to-earn game made huge progress in 2021 and is now poised to deliver a one-of-a-kind experience to fans of NFT gaming later this year.

Thanks to the project’s meteoric rise, Ertha has attracted the attention of some of the biggest names in DeFi, bringing about high-profile investments and now, a valuable partnership with a team well renowned for its glowing reputation within the game development community.

Ertha is partnering with Cryowar, a next-generation play-to-earn arena brawler powered by the Solana blockchain. The Cryowar team’s dedication to their craft and commitment to spotlighting NFT gaming combines the two teams’ shared values. The partnership will be exciting news for both sets of communities, as their exchange of ideas is sure to open up new avenues and perspectives, collectively pushing the boundaries of blockchain gaming.

More About Cryowar

Cryowar is an NFT-powered real-time multiplayer 1v1v1 arena brawler. Developed in Unreal Engine 4 for the Solana blockchain, the game’s closed beta has been released to excellent reviews. Players engage in fierce multi-realm battles in an expansive Medieval Sci-Fi metaverse playable on PC, Android, and iOS.

The Cryowar team’s journey began during 2018’s Gamescom in Cologne, Germany. Four members of the development team were present to showcase an early build of their game to the show’s attendees. Gamescom is famous for drawing in gamers from across the world, and while pressure was high, the team’s demo impressed, setting the stage for a bright and prosperous future.

Partnering with Industry Leaders

Whilst an experienced team and strong fundamentals are crucial elements of any project’s success, so too are the partnerships formed along the way. Each is essential in generating the necessary exposure required to attract new players across the globe. The Cryowar teams’s success in this area has been proven through their partnerships with DeFi giants including, Mechanism Capital, GD10 Ventures, Polygon Studios, Animoca Brands, Kucoin Labs, and Alameda Research.

Cross-Metaverse Promotions? Stay Tuned

Ertha joins this list of prestigious partners at the opportune moment and fans should expect the collaboration to extend far beyond the exchange of ideas and concepts. There is also the exciting prospect of cross-metaverse NFTs adding extra excitement to the continued expansion of Ertha’s vast world map.

Much to the delight of NFT gaming fans, Ertha has just completed its TGE debuting first on Huobi Primelist and then on PancakeSwap. It’s an exciting time for everyone associated with the project with 2022 shaping up to be a huge year for the game. To join one of the most welcoming and active communities in blockchain gaming, head over to Discord, or follow the project’s announcements on Twitter.

Ertha’s Social Media Channels:


This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

Mozilla ‘Pauses the Ability to Donate Crypto’ After Complaints and ‘Environmental Impact’ Considerations

Mozilla 'Pauses the Ability to Donate Crypto' After Complaints and 'Environmental Impact' Considerations

On December 31, the software community founded in 1998, Mozilla, announced it was accepting crypto-asset donations via Bitpay. However, shortly after the announcement, a number of people complained about the decision the company made. A week later, Mozilla has announced it is backing away from digital currency acceptance for now and has “paused the ability to donate cryptocurrency.”

Mozilla Revealed Crypto Acceptance Last Week and Quickly Backed Away After Backlash

Last week, Mozilla, the current owners of the Gecko layout engine, the Thunderbird email client, and the Firefox web browser revealed it was accepting crypto donations via the payment processor Bitpay. “Dabble in dogecoin? HODLing some bitcoin [and] ethereum? We’re using Bitpay to accept donations in cryptocurrency,” Mozilla tweeted at the time.

Mozilla co-founder Jamie Zawinski criticized Mozilla’s crypto acceptance decision immediately after the tweet. “Hi, I’m sure that whoever runs this account has no idea who I am, but I founded Mozilla and I’m here to say f*** you and f*** this,” Zawinski said. “Everyone involved in the project should be witheringly ashamed of this decision to partner with planet-incinerating Ponzi grifters.”

Many others shamed Mozilla because of the crypto industry’s so-called effect on climate change. “Bitcoin is so bad for the environment,” Rich Burroughs replied to Mozilla’s tweet. “You might [want to] rethink this. Surely the planet is more important than a web browser.”

April King, another former Mozilla developer and the security engineer at Dropbox, responded: Hey Mozilla. You probably don’t remember me, but I created the Mozilla Observatory, the Mozilla SSL Configuration Generator, revamped the Firefox certificate viewer, and kept Mozilla safe for a half-decade. I cannot begin to express how disappointed I am in this decision.”

Mozilla Holds an ‘Important Discussion About Cryptocurrency’s Environmental Impact,’ Then Pauses Crypto Donation Acceptance

It seems Mozilla did not appreciate the complaints and on January 6, 2022, the company responded to the criticism. “Last week, we tweeted a reminder that Mozilla accepts cryptocurrency donations. This led to an important discussion about cryptocurrency’s environmental impact. We’re listening, and taking action,” Mozilla said. The software company added:

Decentralized web technology continues to be an important area for us to explore, but a lot has changed since we started accepting crypto donations. So, starting today we are reviewing if and how our current policy on crypto donations fits with our climate goals. And as we conduct our review, we will pause the ability to donate cryptocurrency.

For quite some time now, crypto skeptics have been claiming digital assets like bitcoin are bad for the environment, specifically the proof-of-work (PoW) mining that is tied to the Bitcoin network. The environmental complaints are said to be unfounded by a number of crypto asset supporters that believe “bitcoin is one of the most environment-friendly financial networks.”

In fact, many people believe governments and central banks should be blamed for hurting the environment. Crypto advocates stress that while energy concerns have increased during the last year, nobody discusses the carbon and military violence backing U.S. dollars.

What do you think about Mozilla changing its decision to accept cryptocurrencies over the complaints the company received last week and so-called environmental concerns? Let us know what you think about this subject in the comments section below.

Interest in Bitcoin and Ethereum Slides According to Google Trends Data, NFT Queries Skyrocket

While bitcoin, non-fungible token (NFT) assets, ethereum, and cryptocurrencies had an incredible year in 2021, none of the trends made it into Google’s “Year in Search” review. Currently, interest in bitcoin, in terms of Google searches has dropped considerably since the week of May 16th through the 22nd of last year. Search trends for the term “bitcoin” have slid 72% since it scored the highest score of 100 last May to today’s score of 28.

Worldwide Search Queries for ‘Bitcoin,’ ‘Ethereum,’ and ‘Cryptocurrency’ Continue to Slide

Interest in bitcoin, NFTs, cryptocurrency and ethereum has waned according to Google search trends. Essentially, the web page Google Trends analyzes the popularity of top search queries worldwide and regionally and it scores specific terms and phrases by the number of searches.

Last year, crypto-assets like BTC and ETH reached all-time price highs and interest increased a great deal during those specific time frames. Typically, when the price reaches new heights, Google Trends shows that queries worldwide increase and the opposite happens when the price sinks.

Metrics show that the term “bitcoin” saw a high of 100 on the week of May 16th through the 22nd, 2021. The search query “bitcoin” was also high in January and February 2021, holding above 75 points.

Today, the score is 72% lower than the stats recorded in May as the term “bitcoin” currently has a score of 28. The search query “ethereum” has a score of 8 today which is 68% lower than its highest 2021 score of 25 points. The term “cryptocurrency” has a score of 3 on January 7, 2022, but in May it reached a high of 12.

Search Query ‘NFT’ Taps 100 This Week, Search Phrase ‘How to Sell Bitcoin’ Dips, While ‘How to Sell Ethereum’ Increases

The shortened term for non-fungible token “NFT” has just peaked at 100 this week, according to Google Trends statistics on Friday. During the first week of January 2021, the search query “NFT” only had a score of 1. The search trend for “NFT” grew slowly during the first six months, but at the end of 2021 and into the new year, it’s jumped considerably to its current all-time high.

While the global cryptocurrency market valuation of the entire crypto-economy has dropped in recent times, searches using the phrase “how to sell bitcoin” are low with a score of 12 on Friday. That’s 88% lower than Google Trend’s “how to sell bitcoin” high during the week of February 14th through the 20th of last year.

That week, the query for the phrase “how to sell bitcoin” reached 100, while “how to sell ethereum” scored a 12. Interest in the phrase “how to sell ethereum” has increased to a score of 15 today.

What do you think about the current trend of searches for terms like “bitcoin,” “ethereum,” and “NFT”? Let us know what you think about this subject in the comments section below.

NYC Mayor Undeterred by Falling Bitcoin Price, Says Buying the Dip Could Yield ‘Good Profit’

NYC Mayor Undeterred by Falling Bitcoin Price, Hints at Buying the Dip

The mayor of New York City, Eric Adams, is not deterred by bitcoin’s volatility, noting that buying the dip could yield “a good profit.” He reiterated that he will receive his first three paychecks in bitcoin and will make New York City the center of blockchain technology.

New York Mayor Hints at Buying the Dip

The mayor of New York City, Eric Adams, is undeterred by the falling price of bitcoin. A former New York City police captain and Brooklyn borough president, Adams took office on Jan. 1 as the 110th mayor of New York City.

He was asked on CNBC Thursday whether he has been paid in bitcoin since he said last year that he will take his first three paychecks in BTC.

Commenting on the price of bitcoin this week and how it would have affected his paychecks if he had been paid in the cryptocurrency, the new mayor of New York City laughed and said:

Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.

“Yes, I’m going to take my first three paychecks in bitcoin,” Adams confirmed, but noted, “I haven’t received my first check yet.”

He reiterated his crypto plans: “I think we need to use the technology of blockchain, Bitcoin, [and] all other forms of technology. I want New York City to be the center of that technology so I’m looking forward to that first paycheck in bitcoin.”

At the time of writing, the price of BTC has fallen more than 13% within the past seven days. It is currently $41,364 based on data from Bitcoin.com Markets.

A few other U.S. city mayors have said that they also want to be paid in bitcoin, including Mayors Francis Suarez of Miami, FL; Scott Conger of Jackson, TN; and Jane Castor of Tampa, FL.

Miami Mayor Suarez said last year that he wants to receive his entire salary in bitcoin. He recently accepted the role of the president of the U.S. Conference of Mayors.

“I’m going to ask my friends, my brothers and sisters, the mayors of this country to sign on to a mayoral crypto compact, because we need to lead in the absence of leadership,” he said Monday. “We need to make sure that our regulatory system embodies success into the future instead of stifling success.”

What do you think about the New York City mayor’s stance on bitcoin and his plan to get paid in BTC? Let us know in the comments section below.

Mid-Way Cool Down: Analysts Believe Bitcoin Price Cycle Is Incomplete, Trader Says BTC’s ‘Next Move Should Be Cycle’s Top’

Mid-Way Cool Down: Analysts Believe Bitcoin Price Cycle Is Incomplete, Trader Says BTC’s 'Next Move Should Be Cycle's Top'

The price of bitcoin is down 16% over the last 30 days and since the crypto asset’s all-time high (ATH) on November 10, 2021, bitcoin has lost more than 38% since it surpassed $69K per unit that day. Meanwhile, crypto advocates are furiously debating whether this is a bitcoin bear market or if the bull market is still intact. To many observers bitcoin’s current market cycle is not complete, as no solid peak had formed, and speculators still expect another bubble to come to fruition.

The Four Phases of the Price Cycle — Bitcoin Traders Debate Cycle Position, Trader Insists ‘Early February Will Be the Move’

Many digital currency traders pay attention to tops and bottoms and the four stages of the market cycle. The stages include the accumulation phase, the uptrend phase, the distribution phase, and the downtrend or capitulation phase. One could say that the accumulation phase took place 666 days ago on March 12, 2020, when the price of bitcoin slipped below the $4K per unit zone. On that day in March, the World Health Organization (WHO) announced the world was dealing with the Covid-19 outbreak and dubbed it a “pandemic.”

On that day, otherwise known as ‘Black Thursday,’ global markets worldwide were roiled and the crypto economy shed billions in a matter of no time, but the crypto economy recovery and accumulation phase started the very next day. The price of bitcoin (BTC) continued to uptrend and moved steadily into the markup phase as BTC had finally surpassed the $20K 2017 all-time high. By January 7, 2021, BTC’s price touched $40K for the first time in history. In mid-May, BTC’s price made it to the $66K zone for the first time and slipped below that region shortly after.

Bitcoin’s price slid below the $40K zone around September 21, 2021, and people claimed that the price top was not in yet. They were correct as 50 days later, the price of bitcoin (BTC) hit a lifetime price high at $69K per unit on November 10, last year. Still, crypto advocates believe that the bull cycle is not over and one more parabolic uptrend may be in the cards. Most bitcoiners try to measure cycles by leveraging the time between BTC’s halving cycle.

Typically, because of bitcoin’s scarcity, the price rises before the reward halving, and the next halving is expected 850 days from now on May 6, 2024. That’s still more than two years away and people wholeheartedly believe that the bull market that led BTC to $69K is still in play. Bitcoiners are still expecting a double-bubble similar to 2013 where the price exceeds the $69K zone and peaks higher. Crypto market pundit Bobby Axelrod thinks that in early February observers will witness the next big move.

“This next leg up, this next 60-day cycle beginning,” Axelrod tweeted. “Early February will be THE MOVE. Where bitcoin’s price ends up after the next move should be the cycle top IMO. At least I will be treating it as such.”

Crypto Advocates Expect a Bitcoin Price Rebound — ‘Price Crash Means the Upside Surge Is Sooner to Come’

Crypto supporter Colin, host of the Youtube show “Colin Talks Crypto” thinks the market cycle has been lengthened. “Because of the apparent lengthening cycle of this bull run, I now think it is *more likely* for us to see a $300,000 bitcoin price than a mere $100,000 bitcoin price,” the Youtuber said on January 5. The same day, Colin tweeted:

I’m happy that the bitcoin price is crashing— not because I like the price to go down, but because it means the upside surge is sooner to come. It’s like, ‘let’s get this crash over with so we can move into more bullish territory!’

Many other crypto supporters feel the same way. The Twitter account dubbed “Wicked Smart Bitcoin” wrote: “Perfect place to bounce IMO. Rekt everyone who longed at $43k and now everyone short (expecting a break down to $40k) will get rekt. Choppity chop chop. Don’t trade or use leverage. Just buy spot, self custody, and HODL for a cycle or two. Let hyperbitcoinization do its thing.”

‘The Midpoint Puke’

The Twitter account called @therationalroot shared a chart of all the bitcoin price cycles and the all-time high (ATH) price positions that were recorded within the cycles. “The 2021 cycle so far gave us 32 blue dots (ATH’s),” the bitcoin advocate said. “We had 72 in the 2017 cycle and 52 in the 2013 cycle. Let the fireworks for 2022 begin.” The trader, entrepreneur, and investor Bob Loukas described the cycle as a “midpoint puke.” Loukas said:

Day 31 of the bitcoin Cycle, the midpoint puke. The overlay is the Cycle from May 23rd – July 20th 2021. Not a fan of overlays, I don’t trade off them, but similar conditions. I think $40k was always the more important level. More important is the early [February] timing.

Currently, bitcoin’s logarithmic growth curve shows three bull runs with extreme peaks yet the current cycle looks incomplete and almost undecided. The chart shows that there have only been two times in bitcoin’s price history where it slid below the yellow low dev line, and the last time it happened was on March 12, 2020 (Black Thursday). The end of the chart and the yellow low dev line indicates that BTC’s price won’t go lower than $25K if it maintains the power-law corridor model without deviation.

Mid-Way Cool Down: Analysts Believe Bitcoin Price Cycle Is Incomplete, Trader Says BTC’s 'Next Move Should Be Cycle's Top'

It’s safe to say that most bitcoiners even with the most advanced technical analysis skills are unsure of where bitcoin’s price is headed. Tai Zen, the crypto trader, entrepreneur, and CEO of the trading web portal cryptocurrency.market says people should wait until the bear market to acquire altcoins.

“Bitcoin is on sale under $50K (laser eye price),” Zen tweeted. “We do not recommend buying any coins during the middle of a bull market. However, if u have extra cash & itching to jump into crypto, then the only coin I would buy is BTC [and] nothing else,” Zen added.

What do you think about bitcoin’s current price cycle? Let us know what you think about this subject in the comments section below.

GSI: The Blockchain Solution to the Problem of Water Pollution

PRESS RELEASE. We work harder every year to increase production of the consumer goods that meet everyone’s needs, but in many parts of the world, water pollution, over-fishing and environmental degradation are making the job increasingly difficult (and dangerous).

The world’s population is growing and the oceans are becoming increasingly polluted.

Our oceans have become “plastic soups”.

In addition, the environmental effects of processing cryptocurrencies, due to the enormous consumption of electricity, have already been reported.

For this reason, more environmentally friendly solutions are being sought to reduce the energy impact.

Global Innovative Solutions is taking action by launching GSI, the Green Token that helps clean up the planet’s pollution (for real).

Global Innovative Solutions: The GREEN revolution

The company has undoubtedly distinguished itself from the many projects in the crypto market with an innovative and valuable initiative.

GSI finances and develops ecologically sustainable and nature-friendly activities using blockchain technology.

Essentially, it is a decentralized finance project that has loudly announced its goal to “fight global pollution, token by token”.

But how does it do it?

GSI Token: How it works

Global Innovative Solutions is responding to the pollution problem by launching GSI Token on the cryptocurrency market.

The aim is to drive its mass adoption to help save the planet from pollution while ensuring a gradual and progressive increase in the value of the token.

This is made possible by the numerous ‘Green Partnerships’.

Partner companies, such as those involved in wastewater treatment, are at the heart of the project.

In this particular case, Global Innovative Solutions acts as a broker between the partner companies and its customers.

Orders that arrive at the partner companies are taken over by them.

Global Innovative Solutions pays exactly half of the invoiced amount to the partner company immediately (by bank transfer). The other half is paid out in the form of GSI Tokens purchased on the market.

In practice, every time a request for services is taken over from the partner company, there will be a strong impact on the market and consequently there will be an inevitable increase in the price of the Token.

The focus, however, is on the actual and tangible reduction of pollution through the installation of green systems by the partner companies.

This is clearly a sign of how much the company cares about its mission.

How blockchain can help reduce water pollution

Every GSI token issued in the market is backed by concrete results.

There is no way to generate money if it is not matched by a real and tangible reduction in global pollution.

Each transaction certifies the real environmental benefit and this is recorded on the blockchain. Certification of pollution reduction is therefore documented by payment.

Only when these particular conditions are met will the owners issue the tokens.

In addition, GSI has thought about rewarding its holders:

For every ton of Co2 saved by the installation of the partner companies’ systems, 221,000 tokens will be mined (estimated amount of Co2 saved in one month).

Of these, 22% will then be distributed to holders in proportion to the amount of tokens already held.

Therefore, blockchain technology comes to our aid because through it we can verify and monitor the actual benefit that the GSI ecosystem is having on the planet.

GSI’s strengths

GSI’s Tokenomics was created to not depreciate over time, in fact it is quite elaborate.

Global Innovative Solution has innovated in the crypto sector by introducing several mechanisms to prevent token loss of value.

We are talking about:

Buy-Back Program

Global Innovative Solutions will reinvest 21% of the profits generated each month in the purchase of GSI tokens at market price.

In this way, the company will constantly provide liquidity, preventing the price from losing significance over time.

Unlocking at 1%

Tokens purchased in the pre-launch phase will be released monthly at a rate of 1%, in proportion to the number of GSI held in the wallet, thus avoiding depreciation and ensuring a long-term, secure, passive income.


Global Innovative Solutions will donate 2% of profits each month to charity for water purification and pollution reduction in line with the 2030 Agenda goals.


With the help of blockchain, we can now dramatically and visibly reduce the pollution of our planet.

GSI is committed to creating innovative and sustainable solutions that help people reduce waste and environmental pollution.

To learn more about the project visit https://www.gsi.finance/ and join the Green Community: https://t.me/gsitoken


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Boba Network Introduces ‘Wagmi’ Options for Developers and Builders


Boba Network, an L2 (layer 2) expansion layer for Ethereum, has announced the launch of what it calls “Wagmi” options as a way of incentivizing builders and supporters to be invested in the project. The incentive programs will be distributed amongst different projects on the chain and will be based on various indicators such as active wallets and project-specific total value locked (TVL).

Wagmi Options to Serve as Incentives for Building on Boba

Boba Network, an optimism-based L2 (layer 2) solution for Ethereum, has announced the launch of an incentives program using Wagmi options. These options, according to the Boba team, will be a different solution from what other chains have tried before. With Wagmi options, which will depend on network parameters such as total value locked (TVL), or specific project developments, the team hopes to keep the momentum going inside of its network.

On this, the Boba team explained:

Traditional liquidity mining programs are zero-sum: users come to collect high rewards and are incentivized to keep those rewards. WAGMI farming turns this model on its head by being positive sum: users are incentivized to evangelize and encourage behaviors that grow Boba.

These options will have different versions and are to be adopted by several projects that apply to include them in the coming weeks.

Liquidity Incentives

Several chains have tried to incentivize builders and developers to construct apps on top of their chains. Avalanche, Harmony, Cardano, and BSC are just some of the players in the market that have applied this technique to increase activity and bring users to their chains, with different results. Boba Network seeks to turn this into a “positive-sum, sustainable mechanism.”

Boba’s mainnet was launched in September last year, and it managed to rise as one of the leading L2 networks, reaching the second spot in TVL among these on November 28, only behind Arbitrum. However, since then, the network has lost some steam, falling to fourth place while being surpassed by Loopring and Dydx, according to the info at L2beat, an L2 statistics monitor.

The team behind this initiative states this will be the first time that options farming is implemented in any network and that they hope this initiative could also set a trend for other projects to take advantage of options to better distribute incentives.

What do you think about Boba Network’s Wagmi incentives program? Tell us in the comments section below.

Crypto Investors in Thailand to Pay 15% Capital Gains Tax, Report Unveils

Crypto Investors in Thailand to Pay 15% Capital Gains Tax, Report Unveils

Crypto-related profits, such as those resulting from the trading of digital currencies, will be taxed at a rate of 15%, a finance ministry official has revealed to the local press in Thailand. After last year’s significant market growth, the department intends to improve surveillance of crypto trade in 2022.

Thailand Urges Crypto Traders to Report Profits on Tax Returns

The Ministry of Finance in Thailand advises investors to indicate their income from crypto holdings when they file their tax declarations this year, the Bangkok Post reported on Thursday. Capital gains from cryptocurrency trading will be subject to a 15% tax, the newspaper added, quoting a source from the ministry.

The obligation concerns all taxpayers who made a profit from transactions with cryptocurrencies, including investors and operators of crypto mining facilities, the official clarified. Digital asset exchanges, however, will be exempt from the levy.

Profits from cryptocurrency trading are considered assessable income under Section 40 of the Royal Decree amending Revenue Code No. 19, the report explains. In view of the significant expansion of the digital asset market in 2021, financial authorities now plan to improve their oversight over coin trading activities in the country.

Not all aspects of crypto taxation are clear though, as a representative of the industry has pointed out. Akalarp Yimwilai, co-founder and chief executive of crypto exchange Zipmex, remarked that many questions remain regarding how to calculate profits. One of them is whether gains from a price increase as the U.S. dollar strengthens are considered a profit. He further elaborated:

Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes, but don’t know how to calculate them.

He added that Zipmex has been trying to develop a system that would allow its customers to estimate their profits and losses but the task has proved difficult to solve. “If the Revenue Department really has such an advanced data analytics system that it can precisely calculate gains from cryptocurrencies, it would be a great benefit to share it with the industry,” he noted.

Authorities in Thailand, a major tourist destination, have been trying to demonstrate a friendly attitude towards the growing number of cryptocurrency users, especially among visitors. In September, the country’s tourism authority announced it wanted to foster what it described as a “cryptourism atmosphere” and in November its governor emphasized that Thailand must become a “crypto-positive society.” Last month, Bank of Thailand officials stated that crypto payments are not illegal.

Do you think authorities in Thailand will further clarify taxation rules for cryptocurrency investors? Tell us in the comments section below.

Bividend: Nasdaq-Listed Company to Pay Dividends in Bitcoin at the Option of Shareholders

Nasdaq-Listed Company to Pay Dividends in Bitcoin

A Nasdaq-listed company has announced that shareholders can receive dividends in bitcoin. The company claims to be the first one to pay dividends in the cryptocurrency.

‘First-Ever Dividend Payable in Bitcoin by a Nasdaq-Listed Company’

Blockchain company BTCS Inc. (Nasdaq: BTCS) announced Wednesday “the first-ever dividend payable in bitcoin by a Nasdaq-listed company.” BTCS refers to the dividend as Bividend.

Charles Allen, BTCS’ CEO, commented:

We are the first Nasdaq-listed company to pay a Bividend, a dividend payable in bitcoin at the option of our shareholders.

“BTCS intends to pay $0.05 per share in bitcoin, based on the bitcoin price on the ex-dividend date. Investors who do not elect to receive the Bividend in bitcoin will receive a cash dividend of $0.05,” the company detailed.

The Nasdaq-listed blockchain company is developing a proprietary staking-as-a-service platform to allow users to stake and delegate supported cryptocurrencies through a non-custodial platform.

BTCS’ proprietary digital asset data analytics platform currently supports six exchanges and over 800 digital assets. The company plans to broaden its suite of performance-tracking tools.

Do you think all companies should offer shareholders the option of receiving dividends in bitcoin? Let us know in the comments section below.