Twitter and Mailchimp ban ads on cryptocurrencies and ICOs
After Facebook and Google, two more online platforms including Twitter and Mailchimp have banned the ads for cryptocurrencies and ICOs. On Monday, Twitter announced that it would remove such ads, unless, listed on a major stock market, placed by a public company. Jack Dorsey, founder of Twitter is a cryptocurrency bull, but the move comes keeping in mind, the scam accounts and bots in social media sites recognized in the past.
A few days later, Mailchimp, the email distribution service, said that it would also block marketing campaigns relating to ICOs and crypto coins. Mailchimp explains that these campaigns are often associated with frauds, scams, phishing and misleading business practices.
Rising closures of cryptocurrency startups recorded
This week is marked by several new closures of cryptocurrency startups, indicating the uncertain nature of the rapidly evolving market. Firstly, Litepay, a merchant processor for litecoin payments, similar to BitPay, has ceased its operations. Litecoin Foundation apologizes for its hype, calling it “less than transparent nature”.
In Japan, two crypto exchanges are shut down over growing regulatory scrutiny. Mr. Exchange, being one of them, said that it had received an order late in January to beef up its internal protocols relating to the attack on Coincheck.
Similarly, Coinprism, a wallet service for colored coins, decided to shut down its operations, four years after its launching. Founder & CEO of Coinprism, Flavien Charlon, gave many reasons for its pack up, including rising of ethereum as the referred rails for token insurance; congestion on the bitcoin network; limitations of blockchain technology and prospects of heavier regulation.
Thailand moves a step closer to cryptocurrency taxation
Thailand is soon going to enact taxes on cryptocurrencies. As per a report by Nikkei Asian Review, Thai Revenue Department is expected to collect 7% VAT along with 15% withholding tax from investors trading cryptos in the country.
To regulate cryptocurrencies in Thailand, two decree drafts were passed previously by the Cabinet of Thailand. One of the two decree drafts is an effort to avoid tax avoidance and money laundering.
As per Bangkok Post, if trading through cryptocurrency exchange, retail investors may be eligible to waive VAT after the law comes into effect, they will face liability even if they have no capital gains. The report also suggested that the draft law is currently pending by the Royal Gazette, later which will be formally enacted.
AirAsia launching a cryptocurrency-based reward program
Tony Fernandes, AirAsia chief executive, has notified Nikkei Asian Review that the company is going to convert its frequent-flyer rewards program to a cryptocurrency platform “Bitcoin”. The move comes a part of company’s aim to proceed towards a cashless system and improve airline’s digital services.
Based on the platform, the customers will be able to buy seats, in-flight meals, seat upgrades, among various other services. He also told that the company would launch an initial coin offering (ICO). However, he did not provide any firm timeline or any information whether the company is planning to develop its own blockchain.
IBM taking cryptocurrency seriously
IBM has stepped forward to take cryptocurrency seriously. IBM has started to talk about how it can make use of cryptocurrencies in live applications and early-live prototypes. This has given a new reason for investors to consider cryptos.
With $140 billion, IBM has revealed CoinDesk about its meeting with executives of commodities trading platforms, large corporations and central bank to explore opportunities with cryptocurrencies to save money and generate higher revenue. The company has also hired a new head of blockchain development, Jesse Lund, to develop cryptocurrency strategy.