The Thai Revenue Department is looking to impose a 15% capital gains tax on crypto trading.
While one of the goals of cryptocurrencies is to render traditional banking obsolete, banks as a financial institution still play a critical role in the advent and adoption of the emerging crypto economy in two ways.
Firstly, outside of a physical cash exchange for cryptocurrency, banks provide the fiat bridges to cryptocurrency markets. Without them, the influx of capital and interest in the blockchain industry would be nowhere near the magnitude it is today.
Secondly, many of the world’s leading banks are researching and, in some cases, developing their own central bank digital currencies, or CBDCs, which aim to secure hegemony in the digital asset space largely in response to the growth of the crypto economy.
As digital finance evolves before our eyes, banks as a commonplace financial organization may change drastically in their role and purpose in society — even if it leads to obsolescence.
Russian banks have been increasingly moving into the digital asset market despite the Bank of Russia's hostility toward crypto.1928
“This funding will allow us to further develop our digital asset banking platform and strengthen our presence in global markets by attracting new talent,” says Guido Buehler, CEO of Seba Bank1191
India’s Ministry of Commerce and Industry developed the SLDE platform for transferring documents using blockchain-based security protocols.5207
Sun Hung Kai reportedly became the biggest seller of new homes in Hong Kong in January 2022.3407
Although crypto prices didn't live up to their lofty expectations in 2021, the outlook on the blockchain economy is as strong as ever.4561
Called “Sber — Blockchain Economy,” the ETF will trade under the ticker SBBE and track major crypto companies.5571
Stablecoins like USDT are under scrutiny in the United States, with some lawmakers calling for greater regulatory oversight of the industry.5386
Banks are no longer the only player in the financial industry, as decentralized finance builds authority and gains mainstream adoption.11198
Juniper research report says cost savings for banks using blockchain tech could grow by 3,300% by 2030.5731
Ukraine’s Ministry of Digital Transformation supports a Stellar-based private stablecoin project developed by a local bank.9851
According to the plan, 50 million savings bank customers would be able to buy Bitcoin directly from checking accounts.13522
The book describes how DeFi improves upon traditional finance’s failings by raising up “marginalized groups,” including the unbanked.6876
Binance is reportedly in talks with the richest family in Indonesia regarding a new crypto venture.6826
The crypto venture is expected to formalize its operation by the end of 2021 and start offering its services by early 2022.5404