Evil and Good Turns Roll Over in the Crypto World

  • Thai Tax Advantages for Businesses Releasing Investment Tokens
  • Marco Polo Files for Bankruptcy
  • Uncovering Binance’s Chats of Deception

Thai Tax Advantages for Businesses Releasing Investment Tokens

The Thai ministries have approved a plan to exempt businesses that offer digital tokens for ventures from paying tax on corporate earnings and VAT, a public official claims. Due to such a move, many companies can acquire financing without using conventional techniques such as debentures using asset tokens.

The officials estimate that within the following two years, venture token offers worth 128 billion baht valued at $3.71 billion would occur, resulting in 35 billion baht in revenue lost to taxes. Considering the country’s Securities Exchange Commission’s (SEC) oversight of virtual currencies in current history, cryptos rapidly gained traction in Thailand.

Authorities’ tax laws on cryptocurrency trading were loosened last year to foster sector expansion. However, even considering this, the central bank and other regulatory agencies have outlawed the usage of digital assets as a payment method due to worries about the possible effects on the nation’s financial sustainability and the broader economy.

Marco Polo Files for Bankruptcy

A decentralized network for counterparties and collaborating institutions to interchange and instantly correlate trade data was provided by an Irish company to improve and simplify trade financing procedures. After that, the system would give the provider an irreversible payment guarantee from the acquiring bank.

But, following The Irish Times, the firm’s liabilities reach $5.5 million, outpacing its holdings by $2.6 million. The Irish High Court, as a response, assigned joint interim trustees and ruled the company bankrupt with no way to make payments on its obligations.

TradeIX was replaced in 2021 by Marco Polo, first introduced in 2016. Well over thirty banks, including BNY Mellon, Commerzbank, BNP Paribas, and ING Ventures, are sponsors or members of the organization.

As reported by the Irish Times, the company had been in talks with Bank of America about a potential $12 million cooperation; however, the agreement fell through once FTX failed. So instead, a blockchain-based exchange finance system called We.trade that went bankrupt this past year has officially welcomed the firm, which in 2021 recorded an overall loss of $85 million.

Contour, a rival blockchain-based exchange system, has purchased We.trade’s rules and other government documentation.

Uncovering Binance’s Chats of Deception

Along with the disclosure of internal communications amongst executives at Binance, the purported independence of Binance.US, the digital asset exchange connected to Binance, has been further questioned.

According to a Sunday article in The Wall Street Journal (WSJ), these conversations call into question Binance’s frequent claims that Binance.US is a distinct legal organization from the global exchange and conducts its business separately. Instead, according to Binance, the US website merely licenses its brand and technologies.

Those assertions, however, were disproved in 2020 when Forbes covered Binance’s “Tai Chi” strategy. Changpeng Zhao, the creator of Binance and the firm in charge of Binance.US, is in order of Bam Trading Services, which has come under fire.

Reuters eventually verified the presence of the Tai Chi approach, which sought to construct a US-based license; operations seemed independent and regulatory-friendly, although Binance’s earlier denials to draw attention away from a sizable amount of Binance.com’s revenue comes from American clients.

According to the most recent Wall Street Journal discoveries, a Binance software developer urgently messaged after an employee in Shanghai unintentionally permitted trading on Binance.US before its planned launch in September 2019.

In response, Zhao referred to it as “error operations.” The worldwide Binance, not the American one, hired the Shanghai software team, which was in charge of the Binance.US IT infrastructure until mid-2021.