News updates January 8, 2022
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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.
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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.
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Cryptocurrency Worth $435 Million Seized by 12 UK Police Forces in Five Years
U.K. police have revealed how much cryptocurrency they have seized in the past five years in response to Freedom of Information requests. The London Metropolitan Police seized more bitcoins than other police boroughs
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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
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JPMorgan Report States Ethereum Might Lose Defi Dominance Due to Scaling Issues
A note from JPMorgan states that Ethereum might be at risk of losing defi dominance as a result of its inability to produce effective scaling solutions fast. The note, written by Nikolaos Panigirtzoglou, managing director of global markets strategy at the firm, further stated that other new smart contracts-enabled blockchains are the ones taking this market share, instead of Ethereum sidechains or other Ethereum-based solutions.
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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.
